Nyxoah Secures €15 Million in Funding and Completes BLAST OSA Clinical Study for Its Innovative Sleep Apnea Therapy

VCBeat (WeChat ID: vcbeat) has learned that on November 12, 2018, local time in Belgium, Nyxoah SA (“Nyxoah”), a medical device company focused on the treatment of obstructive sleep apnea (OSA), announced the completion of a new equity financing round worth €15 million (approximately $17.1 million). The round was led by Cochlear Limited (ASX: COH, “Cochlear”), an Australian medical device company and global leader in implantable hearing solutions, with participation from several existing investors in Nyxoah. Prior to this round, Nyxoah had completed three financing rounds totaling approximately $31 million. The company’s latest valuation following this financing has not been disclosed.

Cochlear invested €13 million (approximately $14.6 million) in this financing round and, upon completion of the investment, appointed a representative to Nyxoah’s Board of Directors.

Nyxoah is a pioneering medical device company dedicated to developing novel diagnostic and therapeutic solutions to combat obstructive sleep apnea (OSA). The company’s vision is to free OSA patients from cumbersome devices and complex, costly surgical procedures.

Image source: FierceBiotech website

Recently, Nyxoah announced the completion of clinical studies for its BLAST-OSA (BiLateral Hypoglossal Nerve Stimulation for Obstructive Sleep Apnea) solution. This solution is a miniature, battery-free implantable neurostimulator that controls the nerves in the tongue via electrical currents to prevent airway obstruction. Its innovation lies in the ability to monitor the patient’s tongue and stimulate the muscles only when airway obstruction occurs. Compared with other neurostimulation devices, its competitive advantages include lower cost, easier implantation, and a significantly reduced risk of migration away from the designated stimulation site. This therapy is indicated for patients with obstructive sleep apnea who have failed conventional continuous positive airway pressure (CPAP) or oxygen therapy.

This round of financing will be used for market development following the product’s receipt of the CE mark, as well as to pursue an Investigational Device Exemption (IDE) from the U.S. FDA.

Enrique Vega, CEO of Nyxoah, stated, “Studies have shown that patients using BLAST-OSA experience significant improvement in sleep apnea symptoms, including marked reductions in metrics such as the Oxygen Desaturation Index (ODI) and the Apnea-Hypopnea Index (AHI).” He further noted that the efficacy of Nyxoah’s therapy is also associated with high patient adherence and improved quality of life, adding that their research findings would be published in a prestigious medical journal in 2019.

Nyxoah, founded in 2009 and headquartered in Mont-Saint-Guibert, Belgium, is a medical device company specializing in the treatment of obstructive sleep apnea (OSA). Nyxoah has developed the world’s first and only battery-free, leadless, and minimally invasive neurostimulator, which provides bilateral hypoglossal nerve stimulation for patients with moderate to severe OSA who have failed conventional positive airway pressure therapy.

Cochlear, founded in 1982 and headquartered in New South Wales, Australia, is a global leader in implantable hearing solutions. The company was listed on the Australian Securities Exchange in 1999 under the stock code ASX: COH.