ProSomnus raises $10M
By HME News Staff
Updated 10:24 AM CDT, Mon September 25, 2023
PLEASANTON, Calif. – ProSomnus, which makes a CPAP alternative for the treatment of obstructive sleep apnea, has completed a $10 million convertible preferred equity offering led by existing investors Spring Mountain Capital and Cetus Capital. The company will use the new capital to optimize its core business operations and support its strategic growth initiatives as it strives to achieve cash flow breakeven. “The completion of this financing fortifies our balance sheet as we continue our mission to make precision oral appliance therapy the preferred first-line treatment for obstructive sleep apnea,” said Len Liptak, co-founder and CEO. “As we discussed on our second quarter call, the ProSomnus team is executing at a high level, having reported 48% revenue growth in the first half of 2023 and additional scientific data demonstrating the effectiveness of ProSomnus precision devices. We will leverage this new capital to fine-tune our operating model, as we work to reach cash flow breakeven while still delivering strong top line growth. This financing is a key step forward and I am more confident than ever in our ability to demonstrate the compelling efficacy and adherence of our devices compared to alternative therapies including CPAP and hypoglossal nerve stimulation.” In addition to Liptak, the company's executive chairman and CFO are participating in the financing.
Comments