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Dormir, Inc. Completes $12M Series A Financing


7/29/2009 7:22:04 AM

CARMEL, Ind. - (Business Wire) Dormir, Inc., an integrated provider of sleep diagnostic services, sleep therapy, and equipment to patients and their physicians, today announced that the company has closed a Series A financing round of $12 million with participation from leading venture capital firms active in healthcare services. The lead investor, CHL Medical Partners, was joined in the round by Noro-Moseley Partners and Excel Venture Management.

The proceeds of the financing will be used to further expand Dormir’s presence in additional locations around the U.S. The company has already established 63 sites, including 32 sleep diagnostic centers operating under the expertise of Dormir’s MD Sleep subsidiary, as well as 31 distribution sites within Dormir’s CardioSom subsidiary, providing therapeutic respiratory devices and equipment to patients with sleep apnea.

“We are very pleased to be partnering with CHL, Noro-Moseley, and Excel in this financing round, which will provide Dormir with the resources to expand our commercial operations more broadly across the country, via additional sleep centers and distribution sites, joint ventures and acquisitions,” said Timothy Miller, Dormir’s Chief Executive Officer. “We believe that our fully integrated approach for addressing sleep disorders provides a better continuum of care to patients, potentially resulting in a higher compliance rate and better patient outcomes.”

“The accomplishments of the Dormir team have been impressive to date, particularly bringing the company to profitability in a relatively short time. We look forward to supporting the company’s continued growth as a national provider of high-quality, cost-effective care to patients suffering from sleep and respiratory disorders,” commented Myles Greenberg, Partner at CHL.

“Sleep disorders are increasingly recognized as a serious health condition that can lead to diabetes, heart conditions, obesity, and various other pathologies,” said Juan Enriquez, Managing Director, Excel Venture Management. “Dormir provides a solution that improves patient outcomes and reduces overall costs to the health system.”

In connection with the financing, Jeffrey Collinson of CHL, Michael Elliott of NMP, and Juan Enriquez of Excel have joined Dormir’s Board of Directors. Caleb Winder of Excel will be a Board Observer.

About Dormir, Inc.

Dormir, Inc. is a Carmel, IN-based healthcare services company founded in 2005 which is providing sleep diagnostic services, as well as sleep apnea and respiratory therapies to patients. The Company develops and manages sleep centers across the U.S. through its MD Sleep subsidiary and distributes respiratory durable medical equipment (DME) to patients who suffer from sleep apnea via its CardioSom subsidiary. Obstructive sleep apnea and related respiratory disorders are a growing and significant problem in the U.S. Dormir’s unique business model allows for close diagnosis, management, and follow-up of these patients. For further information about Dormir, please visit www.dormirinc.com.

About CHL Medical Partners

CHL Medical Partners is an early stage healthcare venture capital firm founded in 1990 based in Stamford, CT, managing funds with committed capital of more than $300 million. The firm has invested in over 90 companies, many of which have been built into public companies over the last two decades. http://www.chlmedical.com

About Noro-Moseley Partners

Established in 1983, Noro-Moseley Partners is one of the oldest and largest venture funds in the Southeast, having raised over $600 million and invested in more than 160 companies. NMP invests primarily in Southeastern-based early and early-growth-stage companies in the healthcare, technology and financial technology-enabled services fields. Noro-Moseley Partners’ offices are located in Atlanta, Georgia. http://www.noromoseley.com

About Excel Venture Management

Excel Venture Management builds companies that apply transformative life science technologies to solve problems in healthcare and beyond. The Excel investment portfolio is balanced across healthcare IT and services, diagnostics, and medical devices, plus life science platforms that address adjacent markets including energy, chemicals, defense and agriculture. The majority of the team’s prior investments, which include some of the world’s premier healthcare and life science companies, are thriving and over half have achieved successful exits generating billions in value. http://www.excelvm.com

Dormir:

Timothy Miller, CEO, 317-706-1080 tmiller@md-sleep.com or

Media:

MacDougall Biomedical Communications Jennifer Conrad, 781-235-3060 jconrad@macbiocom.com




   

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