NovaSom, Inc., a Burnie, Maryland-based provider of technology-driven, payer-aligned cost-saving solutions for Obstructive Sleep Apnea (OSA) management, has closed a $35m equity financing.
The round was led by Safeguard Scientifics, Inc. (NYSE: SFE), with participation from existing investors including TPG Biotechnology II Fund and Quaker BioVentures.
The company intends to use the funds to develop additional innovations within its FDA-cleared diagnostic medical device and cloud-based collaborative patient management platform for physicians and payers.
Incorporated in 1992 and led by Richard Hassett and Gerald Stone, NovaSom is a diagnostic-service provider for home testing and evaluation of sleep-disordered breathing, which includes the diagnosis of obstructive sleep apnea (OSA).
In conjunction with the funding, James A. Datin, Executive Vice President and Managing Director of the Life Sciences Group at Safeguard, will join the company’s board of directors.
NovaSom is a Medicare-approved Independent Diagnostic Testing Facility (IDTF) and is accredited as both an Ambulatory Care Sleep Diagnostic Center and as a Telehealth provider by The Joint Commission.