Nyxoah sold 3 million shares to raise $27 million in gross proceeds to support its sleep apnea therapy. Mont-Saint-Guibert, Belgium–based Nyxoah develops neuromodulation technology to treat obstructive sleep apnea (OSA). This market — led by Inspire Medical with companies like LivaNova and XII Medical vying for share — could offer an alternative for the traditional continuous positive airway pressure (CPAP) machines made by the likes of ResMed and Philips (which is still dealing with a massive recall that knocked it out of the market).
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Nyxoah’s first offering, Genio, is a battery-free, hypoglossal neuromodulation device inserted through a single incision under the chin. Users control the device through a wearable system to reduce OSA burden. Genio received CE mark approval in 2019 and Nyxoah now seeks approval in the U.S.
The company sold its shares — based on interest received — in this financing to a single U.S.-based healthcare investor. It plans to build upon positive results from an FDA investigational device exemption (IDE) trial and prepare for a U.S. launch for Genio.
“After relocating to the United States with my family this past summer, this investment reinforces our United States focus, builds on our compelling DREAM pivotal study data presented at the International Surgical Sleep Society (ISSS) congress and strengthens our financial position, providing additional opportunities as we are preparing for the launch of Genio in the United States,” said Olivier Taelman, Nyxoah CEO.
