Sommetrics Completes $12.3M Series B-1 Financing RoundThursday, April 6, 2017
Sommetrics, a medical product company in San Diego, has closed a $12.3 million stock financing round to help bring the company’s products to market.
The Series B-1 round included new and current investors, according to a Sommetrics news release.
The company makes medical products to help people sleep better when dealing with disorders that narrow air passages during sleep, such as obstructive sleep apnea and chronic snoring. Sommetrics has a product that addresses airway narrowing caused by sedation.
The company has submitted an application for regulatory approval of the device in the U.S. to the Food and Drug Administration, but it is not yet approved. The product has earned a CE Mark, however, which qualifies it for sale in the European Union.
The new funds will be used to finish the development of Sommetrics product offerings, and to get additional regulatory approvals.