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In medical tech industry news, NovaResp, an alumni of the LSI Emerging Medtech Summits in the USA and Europe, recently made headlines. The medtech company successfully raised $3M in a Seed Extension Round led by Dr. Neil Smith alongside Raj Sodhi. The round also included participation from previous investors including Invest Nova Scotia and Concrete Ventures, the Ontario-based Centre for Aging and Brain Health Innovation (CABHI), and amongst other new and existing investors.
This timely capital will be instrumental in supporting the development of its innovative product, the cMAP™ Positive Airway Pressure (PAP) Software, designed to treat patients with Obstructive Sleep Apnea (OSA).
Analyst Insights: Bringing Personalized Medtech Innovation to Obstructive Sleep Apnea Patients
NovaResp is carving out a unique niche in the medtech industry with its cMAP™ Positive Airway Pressure Software. This solution is specifically designed to address Obstructive Sleep Apnea (OSA), a condition that affects 39 million adults and counting in the United States alone, according to the National Council on Aging. The global scale of this problem is even more daunting, with an estimated 936 million adults worldwide living with this condition.
One of the main challenges in treating patients with OSA is compliance. Traditional solutions often prove uncomfortable for patients, leading to poor compliance and eventual abandonment. NovaResp is set to revolutionize this with cMAP™, a software product which can be used to predict and prevent sleep apnea episodes. This enables the delivery of personalized, low-pressure therapy, which is designed to be both more comfortable for the patient and more efficacious in improving outcomes.
Through LSI’s coverage of the global medtech industry and analysis of major market segments, our analysts value the global sleep therapy and diagnostics market at an estimated $5.717B in 2023. The market is projected to experience near double-digit growth over the next five years, in part due to medical device companies including NovaResp.
More on NovaResp
NovaResp has been one of the emerging medical device companies selected to present at LSI Europe ‘24. Now in its third year, this year’s edition of the LSI’s premier medtech conference in Sintra, Portugal will bring together hundreds of early and growth stage medtech companies, venture investors, decision makers at global strategics and more.
The company’s presentation at LSI’s previous medical device networking events can be found at the links below, alongside thousands of proprietary presentations available on our website and Youtube channel:
- Robert Ball, Shoulder Innovations – Innovative Solutions for Shoulder Arthroplasty | LSI USA ’24
- NovaResp at LSI Europe ‘23
For more detailed information on NovaResp, a proprietary company profile is available in our Companies & Deals database, which provides coverage of over 6,000 medtech companies. Deep profiles contain associated deals, executive summaries, financing status, and proprietary presentations from LSI events. Visit our website to learn more about our Companies & Deals database and full suite of medtech intelligence solutions.
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