BRUSSELS and TEL AVIV, Israel, May 27, 2014 /PRNewswire/ --
Nyxoah, a Belgian-Israeli start-up that developed an ultra-small device to treat sleep apnea and snoring, announced that it raised EUR 8 million in the first stage of a EUR 23 million round of financing. The company had already raised EUR 10.2 million from private investors and governmental incentives from the Walloon Region before the current round of financing. Current shareholders and a large number of private investors participated in this round of financing, intended to fund the company's next clinical study, which will include dozens of patients at several first-class European medical centers. In the study, the company will evaluate the performance of the second generation of its product.
Thanks to a technological breakthrough, the company managed to cut manufacturing costs significantly while at the same time simplifying the product implantation procedure.
Business consulting firm Frost & Sullivan announced that Nyxoah is the recipient of its New Product Innovation Leadership Award for the Year 2014. Among the reasons for conferring the award, Frost & Sullivan stated that the technology and the resulting product developed are testaments to Nyxoah's quest for a user-friendly device with minimal inconvenience to the patient. The consulting firm also stated that the Nyxoah's unique neuromodulator is extremely small and effectively provides relief to sleep apnea patients.
Nyxoah ultra-small and flexible implant uses an electrical current to stimulate the nerves of the tongue in order to prevent obstruction of the airway. The implant is inserted under the patient's chin in a brief procedure which is then activated by a disposable battery patch. The implant then causes a slight motion of the tongue, thus preventing obstruction to the airway during sleep.
Robert Taub, Nyxoah's Chairman and co-founder, stated after the award was announced, "I thank and welcome our new and existing investors for their faith in the company's vision and technology. We are honored by this award which adds external confirmation of the product's innovation and the needs that it satisfies. I am confident that we will successfully create value for investors, which will be evident in the results of the forthcoming trial."
Dr. Adi Mashiach, co-founder, CEO of Nyxoah Ltd and one of the inventors of its technology, added, "I am pleased that Frost & Sullivan identified the product innovation. The ability to stimulate the tongue muscle throughout the night using a disposable patch is a significant innovation. Our investors' faith in the company is the engine that drives us to make the technological breakthroughs that establish the company as a market leader."
Nyxoah is a start-up company in the medical device field, focused on treating OSA (obstructive sleep apnea) through electrical stimulation. The company's head office is located in Mont-Saint-Guibert, Belgium, and its R&D center is located in Tel Aviv, Israel. The company was founded in 2009 by Robert Taub and Dr. Adi Mashiach.
Unik Public Image for Nyxoah