Respicardia, Inc., a Minnetonka, Minn.-based private medical technology company, closed a $58.5m financing.
The round was led by Zoll Medical Corporation, a manufacturer of medical devices and related software solutions, with participation from existing major investors.
The company intends to use the proceeds from the financing to fund its U.S. commercialization efforts and support ongoing development of its remedē® system.
Led by Bonnie Labosky, President and CEO, Respicardia is advancing the remedē, a clinically proven system that treat moderate to severe Central Sleep Apnea (CSA) in adult patients. The transvenous implantable neurostimulation system stimulates the phrenic nerve, and engages the diaphragm to restore a normal breathing pattern during sleep in patients with CSA.
The remedē System received U.S. Food and Drug Administration (FDA) approval in October of 2017 and is commencing market release of the system in the United States.