ProSomnus Inc (NASDAQ:OSA) has completed a $10 million convertible preferred equity offering led by existing investors Spring Mountain Capital and Cetus Capital.
ProSomnus’s Executive Chair, CEO, and CFO are also participating in the financing.
Also Read: EXCLUSIVE: ProSomnus’ Device Therapy Better Than Philip’s Device(s) For Sleep-Related Breathing Disorder, Study Shows.
The company manufactures oral appliance therapy devices to treat obstructive sleep apnea, a problem when breathing pauses during sleep. This occurs because of narrowed or blocked airways.
The new capital will be leveraged to optimize the company’s core business operations and support its strategic growth initiatives as the company works to achieve cash flow breakeven.
“The completion of this financing fortifies our balance sheet as we continue our mission to make precision oral appliance therapy the preferred first-line treatment for Obstructive Sleep Apnea,” said Len Liptak, Co-Founder and Chief Executive Officer.
“We will leverage this new capital to fine-tune our operating model as we work to reach cash flow breakeven while still delivering strong top-line growth,” Liptak added.
Price Action: OSA shares closed at $0.97 on Wednesday.
