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Omega Funds and Intuitive Ventures join top-tier syndicate of healthcare investors, including founding investor Cleveland Clinic, to support ongoing clinical activities.
XII Medical, Inc., a clinical-stage medical technology company and Cleveland Clinic Innovations portfolio company focused on developing innovative therapies for obstructive sleep apnea (OSA), has successfully closed a $45 million Series B equity financing round. The funding was led by Omega Funds and joined by new investor Intuitive Ventures and existing investors, including founding investor Cleveland Clinic. The company plans to allocate the funds toward further product and clinical development. XII Medical has created a patient-centric neuromodulation therapy aimed at improving the quality of life for the millions of individuals suffering from OSA.
OSA is a prevalent disorder characterized by temporary relaxation of the throat muscles during sleep, leading to airway obstruction. With an estimated 425 million people globally requiring treatment for moderate to severe OSA, the current treatment options are considered overly burdensome for patients and physicians, resulting in a significant number of untreated and undertreated patients at risk of severe health complications.
XII Medical seeks to address these challenges by offering a ground-breaking platform technology that simplifies treatment, expands access, and improves patient outcomes. XII Medical's commitment to enhancing the lives of OSA patients, as highlighted by President and CEO Garrett Schwab, has garnered significant support from investors to advance their technology and clinical research.
Read the full press release via PR Newswire.
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