Noctrix Health has been acquired by ResMed in a $340m deal, representing the first portfolio company exit for Angelini Ventures, the VC arm of Italian multinational Angelini Industries.
Angelini Ventures invested in Noctrix in 2022 as part of the company’s $40m Series C financing round.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Noctrix’s lead product is Nidra, a tonic motor activation (TOMAC) therapy for non-invasively addressing the symptoms of restless leg syndrome (RLS) in patients who have not adequately responded to pharmaceutical therapies.
According to research by the American Academy of Sleep Medicine, 13% of Americans report having been diagnosed with RLS.
Comprising a pair of wearable cuffs worn below the knee, Nidra delivers mild electrical pulses to the peroneal nerves, engaging the same neural pathways associated with voluntary movement, with the aim of reducing muscle twitches associated with RLS and improving patients’ sleep quality. Nidra obtained de novo classification from the US Food and Drug Administration (FDA) in 2023.
With the acquisition’s completion on 3 June, Nidra will be integrated into ResMed’s broader sleep medicine ecosystem. The California-based company’s core sleep medicine products include its AirSense line of continuous positive airway pressure (CPAP) machines for sleep apnoea treatment, and its Astral and Stellar ventilators for supporting patients with conditions including chronic obstructive pulmonary disorder (COPD) and chronic respiratory failure.
Noctrix CEO, Shri Raghunathan, commented: “Since founding Noctrix, our mission has been to deliver innovative, non-pharmacologic solutions for people living with RLS who have limited treatment options.
“Joining ResMed will help us advance that mission, enabling us to expand access to TOMAC therapy and reach more patients with a clinically validated solution that can help meaningfully improve sleep and quality of life.”
Angelini Ventures launched in 2022 with an initial €300m capital commitment with a mission to invest in companies developing ‘breakthrough solutions’ in medtech, biotechnology, and digital health.
Commenting on Noctrix’s exit, Paolo Di Giorgio, CEO and managing director of Angelini Ventures, said: “This marks our first successful exit, reaffirming our strategy of backing disruptive healthcare companies with the potential to address significant unmet medical needs.
“Noctrix Health exemplifies the type of company we seek to support – combining cutting-edge science, technological innovation and clear clinical relevance.”
