XII MEDICAL RAISES $45 MILLION IN SERIES B FUNDING TO ADVANCE BEST-IN-CLASS NEUROMODULATION THERAPY FOR OBSTRUCTIVE SLEEP APNEA

Omega Funds and Intuitive Ventures join top-tier syndicate of healthcare investors to support ongoing clinical activities

UNION CITY, California., August 21, 2024 /PRNewswire/ — XII Medical, Inc., a clinical-stage medical technology company developing innovative therapies for obstructive sleep apnea, today announced the closing of a $45 million Series B equity financing. The financing was led by Omega Funds and joined by new investor Intuitive Ventures. Existing investors also participated, including founder Cleveland Clinic, Ajax Health, Longview Ventures (an affiliate of Broadview Ventures), Aperture Venture Partners, JobsOhio Growth Capital Fund, and an undisclosed strategic investor. Funds will be used for further product and clinical development. XII Medical has developed a state-of-the-art, patient-centric neuromodulation therapy designed to improve the quality of life for the millions of people who suffer from obstructive sleep apnea.

Obstructive sleep apnea (OSA) is a condition in which the muscles in the throat relax temporarily, blocking the airway during sleep. An estimated 425 million people worldwide have moderate to severe OSA that requires treatment. Current treatment options are too burdensome for patients and physicians, leaving a significant number of patients untreated, undertreated, and at risk for serious health complications.

“Despite advances in obstructive sleep apnea therapies, challenges remain that prevent millions of people from receiving adequate treatment,” said Saoussen Ben Halima, PhD, Sr. Associate, Omega Funds. “We are pleased to lead this round. We believe XII Medical has developed a breakthrough platform technology to simplify treatment, increase access and improve patient outcomes.”

“XII Medical’s transformative technology is poised to help the hundreds of millions of people suffering from OSA,” said Murielle Thinard McLanePresident and Managing Partner of Intuitive Ventures. “Their neuromodulation therapy addresses patient compliance issues while providing a high-quality, minimally invasive solution with a streamlined surgical approach and smaller, more flexible, and easier-to-implant technology than current solutions.”

“XII Medical is committed to improving the lives of patients with obstructive sleep apnea. The significant support from our investors enables us to expand our exceptional team and collaborate with best-in-class partners to advance our technology and clinical research,” said Garrett SchwabPresident and CEO of XII Medical.

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“XII Medical has made significant progress and we are pleased to welcome these excellent new investors to our syndicate,” said Anthony NataleMD, Executive Chairman of XII Medical. “I share their enthusiasm for the groundbreaking work the XII Medical team is doing to make best-in-class OSA therapy accessible to everyone who needs it.”

About XII Medical
Founded in 2017 and headquartered in Union City, CaliforniaXII Medical, Inc. is a clinical-stage medical technology company revolutionizing the treatment of obstructive sleep apnea. The company is privately held and is backed by Cleveland Clinic, Ajax Health, Omega Funds, Longview Ventures, Broadview Ventures, JobsOhio Growth Capital Fund, Intuitive Ventures, Aperture Venture Partners, CincyTech, and an undisclosed strategic investor. The XII Medical platform is limited to research use only and is not available for sale. For more information, visit https://xiimedical.com/.

About Omega Funds
Founded in 2004, Omega Funds is a leading global venture capital firm that creates and invests in life sciences companies addressing our world’s most pressing medical needs. Omega focuses on supporting companies through value inflection points across the full arc of innovation, from inception to clinical and commercial milestones. Omega portfolio companies have commercialized 50 products across multiple therapeutic areas, including oncology, rare diseases, precision medicine and others. Visit https://omegafunds.com/ for more information.

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SOURCE XII Medical, Inc.