Belgian medical device company Nyxoah has secured new funding during an equity round led by Australia-based hearing implants developer Cochlear.
Of the total €15m financing raised, Cochlear contributed €13m. Nyxoah’s existing shareholders also joined the equity round.
Nyxoah primarily focuses on the development and commercialisation of hypoglossal nerve stimulation (HGNS) therapy to treat obstructive sleep apnoea (OSA).
The company’s Genio Implantable Stimulator is a tiny neurostimulator designed for electrical stimulation of the tongue nerve. The device can be implanted by a minimally invasive procedure.
Genio is accompanied by an activation chip linked to a disposable patch, which is to be placed under the patient’s chin every night for wireless activation of the implanted neurostimulator.
Cochlear chief technology officer Jan Janssen said: “Cochlear actively monitors the market for novel technologies and implantable devices that over the long term may leverage its core business.
“Nyxoah’s minimally invasive solution presents an attractive alternative for patients with compliance or intolerance issues in respect of existing therapies.”
Nyxoah submitted results from the recently completed BiLAteral Hypoglossal Nerve Stimulation for Treatment of Obstructive Sleep Apnea (BLAST-OSA) clinical study to the European regulatory body.
The company plans to use the new funds to support post-CE Mark development activities in Europe, as well as for seeking investigational device exemption (IDE) from the US Food and Drug Administration (FDA).
Nyxoah CEO Enrique Vega said: “Patients from the BLAST OSA study show a major improvement in sleep apnea symptoms including a significant reduction of ODI (Oxygen Desaturation Index) and AHI (Apnea Hypopnea Index).
“The Nyxoah therapy was also associated with high patient compliance and improvements in patient Quality of Life. We look forward to publishing the clinical results in a leading medical journal during 2019.”