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Signifier Medical Technologies Closes an Oversubscribed Series B Funding Round; Driving Innovation in the Sleep Market
LONDON, June 17, 2019 /PRNewswire/ -- Signifier Medical Technologies, previously known as Snoozeal, an innovator in the sleep disordered breathing market, today announced it has closed an oversubscribed Series B funding, aiming to invest further in R&D and prepare the company for commercial stage. With this round, Signifier Medical Technologies has raised a total in excess of $13 million since its founding in 2015.
The new funds will enable Signifier Medical Technologies to:
i. accelerate the rigorous data generation in on-going clinical trials with its innovative 'Snoozeal' neurostimulation device to address snoring and mild obstructive sleep apnoea (OSA) with key opinion leaders in sleep conditions in prestigious academic centres, including: University College London; University of California - San Diego and New York Presbyterian – Cornell University
ii. complete the FDA approval process, with de novo filing anticipated in H2 2019
iii. further invest in expanding its product range, including adding advanced analytics capabilities, and
iv. expand the team to broaden its capability set, including commercial readiness in key geographies.
"Signifier Medical Technologies is aspiring to revolutionize the sleep market," said Prof. Anshul Sama, co-founder and Chief Medical Officer of Signifier Medical Technologies. "For the last few years, we have been developing a novel and ground-breaking device that will help solve the conditions of snoring and mild OSA, which affect over 110 million people in the US and 100 million people in Europe."
Prof. Sama added, "This capital raised will allow us to invest further in R&D and increase our speed of innovation. We are leveraging our proven technology and expanding our pipeline to include additional cutting-edge products that will allow us to extend the indications we can address into the mainstream treatment of OSA. This will enable us to make a real impact on the lives of millions of people, in an area with significant unmet medical need."
The Series B round was led by The Pritzker Organization, the family merchant bank that focuses on long-term growth capital. It includes participation from new investors, such as the family office of Robert Parkinson Jr, the former Chairman and CEO of Baxter International, and participation from existing investors, comprising the founders of the company and all board members.
Joseph Gleberman, Managing Director of The Pritzker Organization said, "We are excited to support Signifier Medical Technologies in bringing its highly promising new technology to the market to address snoring, a significant health and lifestyle problem for so many people."
In conjunction with the closing of the Series B round, Mr Steffen Kastner, former Managing Director of Goldman Sachs, where he co-headed its credit investing business in Europe; and Mr Robert Sullivan, former CEO, COO and founder of Capital Holdings and current Regional President of Fifth Third Bancorp, join Mr Kieran Gallahue (Chairman) on the Board, to drive and guide the company forward. Their diverse and complementary set of skills will accelerate the company's journey to delivering innovative new treatments in the sleep disordered breathing market.
About Signifier Medical Technologies
Signifier Medical Technologies, previously known as Snoozeal, is a medical technology company focused on the development and commercialization of innovative and non-invasive solutions for patients with snoring and sleep disordered breathing conditions.
Signifier's proprietary therapy is the first and only day time genioglossal muscle-neurostimulation technology, with proven clinical data from prestigious and well-recognised universities and academic institutions, that provides a safe and effective treatment for its patients.