The investment was led by the TPG Biotechnology II fund with participation from existing investors, including MedVenture Associates, Thomas Fogarty and Emergent Ventures, and Lava Ventures. Sleep Solutions also announced that Keith Grossman and Ned Brown, managing directors of TPG Biotech, have joined the company’s board of directors and Mr. Grossman will serve as chairman.
The additional investment will be used to build a national sales and marketing capability, expand facilities, and continue driving the company’s development of innovative applications for its proprietary NovaSom QSG diagnostic medical device and MediTrack Patient Management System.
Michael Thomas, president and CEO of SSI, said: “The new investment and continued support of existing financial partners is a compelling endorsement of SSI and its demonstrated ability to deliver innovative solutions to sleep apnea patients.”