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Apnex Medical Clears $16 Million First Round

Wednesday, May 30, 2007 5:00:00 AM PDT | VentureDeal Staff

MINNEAPOLIS, MN -- Sleep device maker Apnex Medical announced that it has closed its first round of venture capital, securing $16 million from a syndicate of firms.

Apnex has developed an implantable medical device for the treatment of obstructive sleep apnea.  The device acts in a similar manner as a pacemaker by stimulating a nerve in the patient's airway if it detects any air stoppage.

Investors in the round included Domain Associates, New Enterprise Associates and Polaris Venture Partners.  The company stated that it will use the proceeds to continue development efforts on the device.

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