Cryosa Closes $21.5 Million Series B Funding Round

Medical device startup Cryosa has completed a Series B funding round, raising $21.5 million to continue development of its therapies for obstructive sleep apnea (OSA). 
 
The round was led by life sciences firm Solas BioVentures, with additional funding from Series A investors which include life sciences firm Santé Ventures, global technology and med-tech company HOYA Corporation, and additional investors. The funding will be used to continue first-in-human clinical trials. 
 
“We are focused on developing a treatment for the root cause of sleep apnea, providing ear, nose and throat physicians a novel therapy that does not require an implant or daily compliance from the patient,” said Dr. Donald Gonzales, Cryosa founder and chief medical officer.
 
“With the momentum of this funding round, we’re in a strong position to expand into our next phase of safety and efficacy clinical trials,” said Mark Christopherson, Cryosa president and CEO. 
 
An estimated 24 million people in the United States and 425 million people around the globe have moderate to severe OSA.¹ Cryosa was founded to focus on treatments for this disorder and is led by a team of entrepreneurs, engineers, and professionals from medical device startups and large medtech companies.
 
“There is a lack of available OSA treatments that are both minimally invasive and effective. The device that Cryosa is developing has the potential to help millions of people with this disorder,” said Dr. David Adair, co-founder and managing director of Solas BioVentures.
 
Cryosa is a medical device company focused on developing breakthrough, minimally invasive therapies for obstructive sleep apnea (OSA) that do not require daily patient compliance. Driven by an experienced medical device team of successful startup entrepreneurs and large medtech engineers and professionals, the company is based in Minnesota’s Medical Alley. 
 
Solas BioVentures is a venture capital firm that invests exclusively in the life science industry, focusing primarily on early and development stage biotech and medtech companies advancing impactful, disruptive technologies. Headquartered in Chattanooga, Tenn., its coverage is global.   
 
Founded in 2006, Santé Ventures is a specialized healthcare and life sciences investment firm with more than a half-billion dollars in capital under management. The firm invests in early-stage companies developing innovative new medical technologies, biotechnologies, and digitally enabled healthcare services. Recent Santé successes include Claret Medical (Boston Scientific Corp.), TVA Medical (Becton Dickinson and Company), Millipede Medical (Boston Scientific), Molecular Templates (MTEM), AbVitro (Celgene), and Explorys (IBM Corp). Santé invests nationally and has offices in Austin, Texas, and Boston. 
 
HOYA Corporation is a global technology and med-tech company and a supplier of high-tech glass and medical products. HOYA is committed to becoming a leading company in niche markets through creativity and innovation. Founded in 1941 in Tokyo, Japan, HOYA has over 150 offices and subsidiaries worldwide and currently employs a multinational workforce of 37,000 people. 

Reference 
¹ Benjafield et. al, 2019, https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7007763/