Inspire Medical Systems Completes 1,000th Implant, Names Marilyn Carlson Nelson to the Board, and Completes Series F Financing
- Medical device company secures $37.5M Series F Funding led by Amzak Health
MINNEAPOLIS, Nov. 16, 2016 (GLOBE NEWSWIRE) -- Inspire Medical Systems, Inc., announced today that it has reached a significant milestone with the 1,000th implant of Inspire therapy since FDA approval in April, 2014. As the only FDA-approved implantable device for obstructive sleep apnea patients who don’t get benefit from traditional CPAP therapy, the company also noted that over 100 medical centers worldwide have now completed training and are actively implanting the Inspire device.
“While achieving the 1,000th patient implant and training the 100th hospital on the procedure are clearly important milestones, the most important factor is patient outcomes,” says Inspire Medical Systems CEO and President Tim Herbert. “We continue to see Inspire patients with a significant and sustained reduction in sleep apnea severity, and they are using the device an average of 7 or more hours per night, every night. It’s truly life-changing for the sleep apnea patients and their families.”
Inspire Medical Systems also announced today that Marilyn Carlson Nelson has been named to the Board of Directors, effective immediately. Mrs. Carlson replaces her husband, Dr. Glen Nelson, who passed away on May 14th after a long illness. Mrs. Carlson is currently chairman and former Chief Executive Officer of Carlson, a global travel and hospitality company. She also serves on the board of the United Nations Global Compact, the Committee Encouraging Corporate Philanthropy, the Kennedy Center for the Performing Arts and Harvard Kennedy School Advisory Board.
“Having Marilyn Carlson join the Inspire Board is personally and professionally very important to Inspire,” adds Herbert. “Her late husband, Dr. Glen Nelson, was instrumental in Inspire’s launch and growth and I know Marilyn will bring similar inspiration and leadership to the team at Inspire.”
Finally, Inspire is announcing the completion of a Series F financing round of $37.5 million. The financing was led by a new investor, Amzak Health. Joyce Erony, Partner at Amzak Health, will join the Inspire Board of Directors. The funds raised will be used to further develop market adoption of Inspire therapy for Obstructive Sleep Apnea, specifically in the area of reimbursement. “We are delighted to join the Inspire team and look forward to working with management to grow and expand this important therapy,” stated Joyce Erony.
To date, over 140 private insurers have covered Inspire therapy on a case-by-case basis and Medicare has reimbursed Inspire therapy based on medical necessity in many geographies across the United States. Additionally, Inspire therapy is on the Federal Supply Schedule making it available for active military members, veterans and their beneficiaries. The focus moving forward is to partner with private insurers to transition from individual prior authorizations to the development of positive coverage policies.
The financing round will also assist in broadening marketing strategies and increasing the sales and operations teams within Inspire Medical Systems. Inspire continues to build a robust clinical evidence dossier including the imminent publication of a German Post-Market Study, as well as the 5-year STAR pivotal trial results.
About Inspire Therapy
Inspire Upper Airway Stimulation therapy is an FDA-approved treatment for some people with moderate to severe Obstructive Sleep Apnea who are unable to use or get consistent benefit from continuous positive airway pressure (CPAP). In contrast to CPAP, Inspire therapy is implanted inside the body and works with a patient’s natural breathing process. Controlled by the small handheld sleep remote, the system includes a breathing sensor and a stimulation lead powered by a small battery. During sleep, the system senses breathing patterns and delivers mild stimulation to the tongue and other soft tissues of the throat to keep the airway open. Inspire therapy is currently available at more than 100 leading medical centers across the United States and Europe.
About Inspire Medical Systems, Inc.
Inspire Medical Systems, Inc., based in Minneapolis, Minn., was incorporated with the purpose of developing a safe, effective and well-accepted therapy to help those OSA patients who are unable to tolerate or get relief from CPAP. Inspire therapy is the world’s first implantable FDA-approved neurostimulation system for the treatment of OSA. The Company is privately held and investors include Amzak Health Team, Aperture Venture Partners, GDN Holdings, Johnson & Johnson, Kleiner Perkins Caufield & Byers, Medtronic, OrbiMed Advisors, Synergy Life Science Partners, TGap Ventures and US Venture Partners.
For more information, visit www.InspireSleep.com.
Investor Contact: Rick Buchholz rickbuchholz@inspiresleep.com Media Contact: Howard Green howardgreen@inspiresleep.com 651-357-3616
