Minnesota medical device startup Cryosa completed its Series A-2 funding, raising $8.25 million to further develop its therapies for obstructive sleep apnea (OSA).
The round was led by life sciences firm, Santé Ventures, and HOYA Corporation, with additional institutional and individual investors. This latest funding round will be used to engage in first-in-human clinical trials. The company has completed pre-clinical testing, evaluating safety, and efficacy.
“Current surgical treatments for obstructive sleep apnea are invasive and do not focus on curing the root cause of the disorder,” says Cryosa founder Donald Gonzales, MD, in a release. “Cryosa was founded to develop minimally invasive, permanent therapies for OSA.”
James Eadie, MD, partner at Santé Ventures and Cryosa board member, says in a release, “There is a large, unmet medical need for a minimally invasive obstructive sleep apnea therapy. Cryosa’s approach is elegant and backed by a strong team of medical device entrepreneurs and engineers.”
“The market for OSA therapies is substantial and continues to grow,” says Rubal Bedi, global head and vice president of corporate venture capital at HOYA, in a release. “Cryosa is well-positioned to help the needs of patients living with this sleep disorder.”
Cryosa was founded in 2018 by Gonzales, who also serves as the company’s chief medical officer (CMO). Prior to Cryosa, Gonzales was CMO for Entellus Medical, which was acquired by Stryker in 2018, and founded several other companies in the ear, nose, and throat space including Spirox Medical and ENTrigue Surgical.
Cryosa’s president and CEO is Mark Christopherson, who brings more than 25 years of experience in the medical device industry to the company. He was a co-founding executive of Inspire Medical and led NxThera’s research and development during commercialization and pivotal trials, prior to the company’s acquisition by Boston Scientific in 2018.
“Recent research shows a connection between adipose/fat tissue of the upper airway and the severity of OSA,” Christopherson says in a release. “By focusing on methods and treatments to selectively reduce adipose tissue, we believe we can help reduce instances of OSA and help people sleep better.”