Mosanna Therapeutics announced today that it closed an $80 million Series A funding to support its sleep apnea therapy.
The Redwood City, California-based company develops an easy-to-use nighttime nasal spray. It aims to treat obstructive sleep apnea by restoring the body’s natural airway control. The therapy could potentially end up offering an alternative to the longstanding CPAP machines for sleep apnea, as well as implantable neurostimulation devices that treat the condition.
Mosanna’s MOS118 nasal spray targets the upper airway muscles responsible for maintaining airway patency. It says the funding round should support the advancement of its therapy through Phase 2 development. Funds could also help support the expansion of Mosanna’s pipeline.
In addition to the funding, the company selected David Weber to guide its next stage of growth as president and CEO. He brings more than 30 years of experience in biotech across drug development, capital formation and corporate strategy.
Pivotal bioVenture Partners and EQT Life Sciences led the financing round along with co-lead investors Forbion, Broadview Ventures and Norwest. Returning investors included founding investor Forty51 Ventures, plus Supermoon Capital and High-Tech Gründerfonds (HTGF).
“Mosanna is taking a truly transformational approach to sleep apnea treatment – offering a non-invasive, non-mechanical solution designed to seamlessly fit into daily life,” said Dr. Weber. “No one has sleep apnea while awake, because our bodies instinctively keep the airway open. Mosanna simply helps to restore this natural reflex during sleep – delivering a nasal spray alternative to invasive mechanical workarounds. With this funding, we’re accelerating development to bring this groundbreaking treatment to patients who desperately need better options.”
