A Roseville-based medical startup managed to raise money when the world is going through a pandemic. The grant is for the development of treatments that are utterly unrelated to COVID-19 as it raised $8.25 million just to wrap up Series A2 funding round. Cryosa a medical company founded in 2018 in Minnesota works on developing novel but permanent and less invasive treatments for Obstructive Sleep Apnea (OSA).
Texas-based Sante Ventures, Life sciences firms, and Japan-based HOYA Corporation (“HOYA”) led the funding round with some institutional and individual investors. The Company said, “this latest obtained funding will be used for the purpose of engaging first-in-human clinical trial and company already has completed all the pre-steps which were pre-clinical testing, efficacy, and safety.”
Obstructive Sleep Apnea is a disorder in which breathing stops for a short period during sleeping, this happens when the upper airways soft tissue collapses. An individual with OSA may stop breathing for 10 seconds, experience lower oxygen saturation which results in the person waking up, this can happen quite a lot of times in a single night.
According to the sleep foundation, OSA with disrupting sleep can lead to other potential diseases if untreated and undiagnosed. It affects almost 22 million people in America alone. Cryosa founder Dr. Donald Gonzales said, “The currently available treatments of OSA are invasive and do not focus on curing the root cause of the disorder. Cryosa was founded to develop minimally invasive and permanent therapies.”
Dr. Donald Gonzales also serves as the company’s Chief Medical Officer (CMO). Before Cryso, Dr. Gonzales was the CMO for Entellus Medical which was acquired by Stryker in 2018. He also founded several other companies specializing in the nose, ear, and throat sections including ENTrigue and Spirox Medical. Mark Christopherson, the CEO, and president of Cryosa brings 25 years of medical device industry experience to the company. He was the confounder of NxThera and inspired medical research and development during pivotal trials and commercialization, prior to the company’s acquisition by Boston scientific in 2018.
Dr. James Eadie, partner at Sante ventures and Cryso board member said, “There is a large, unmet medical need for a minimally invasive OSA therapy.” He also said that “Crysoa’s approach is elegant and backed by a strong team of medical device engineers and entrepreneurs.” Rubal Bedi, Global Head and VP of Corporate Venture Capital at HOYA said, “Market for OSA therapies is substantial and continue to grow”.
He also added that “Cryosa is well-positioned to help the needs of patients living with this sleep disorder.” Currently, the prevalence of childhood OSA estimation is very difficult as various monitoring techniques are present and the prevalence of habitually snoring in children is as high as 10 to 20%.
CEO of the Cryosa also said that “Recent research on OSA shows that there is a connection between fat deposited in the tissue of upper airway and the severity of OSA.” He also added that “By focusing on methods and treatments to selectively reduce adipose/fat tissue, they believe that Cryosa can help reduce instances of OSA and help people sleep better at night”.