NovaSom Closes $35M Equity Financing
Summary
NovaSom, Inc., a Burnie, Maryland-based provider of technology-driven, payer-aligned cost-saving solutions for Obstructive Sleep Apnea (OSA) management, has closed a $35m equity financing.The round was led by Safeguard Scientifics, Inc. (NYSE: SFE), with participation from existing investors including TPG Biotechnology II Fund and Quaker BioVentures.The company intends to use the funds to develop additional innovations within its FDA-cleared diagnostic medical device and cloud-based collaborative patient management platform for physicians and payers.Incorporated in 1992 and led by Richard Hassett and Gerald Stone, NovaSom is a diagnostic-service provider for home testing and evaluation of sleep-disordered breathing, which includes the diagnosis of obstructive sleep apnea (OSA).NovaSom is a Medicare-approved Independent Diagnostic Testing Facility (IDTF) and is accredited as both an Ambulatory Care Sleep Diagnostic Center and as a Telehealth provider by The Joint Commission.