Israeli-Belgium medical device company Nyxoah S.A. announced today that it has raised €15 million ($17.1 million) in a financing round led by Cochlear Ltd. (ASX: COH), an Australian implantable hearing solutions company. Cochlear invested €13 million and the round was completed by several existing Nyxoah shareholders. A representative of Cochlear has joined the Nyxoah board.
Nyxoah is headquartered in Belgium with its development center in Israel. It is a medical device company focused on the development and commercialization of hypoglossal nerve stimulation (HGNS) therapy for the treatment of Obstructive Sleep Apnea (OSA).
The company was established by Robert Taub, founder of Omrix Biopharmaceuticals, which was sold to Johnson & Johnson for $438 million in 2008. He serves as chairman. Taub said, "We are extremely pleased to welcome Cochlear as a new investor. Their board-level participation will accelerate Nyxoah's vision of becoming a leader in OSA therapy."
Cochlear CTO Jan Jannsen 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. We look forward to working with Nyxoah."
Nyxoah recently completed the BLAST-OSA (BiLAteral Hypoglossal Nerve Stimulation for Treatment of Obstructive Sleep Apnea) clinical study, an essential milestone for its CE marking dossier already submitted to the European regulatory body.
The additional financing will be used to initiate post-CE Mark European market development activities and to work toward Investigational Device Exemption (IDE) with the US Food and Drug Administration (FDA).
Published by Globes, Israel business news - en.globes.co.il - on November 12, 2018
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