A bank in North Carolina has provided a “7.5 million credit facility to Maryland-based NovaSom,” a company developing home tests for sleep apnea. Triangle Business Journal reports that the dose of cash is based on NovaSom’s FDA-cleared AccuSom, which enables patients to be diagnosed from home.
According to reporter Lauren Ohnesorge, Durham, NC-based Square 1 Bank’s latest deal “could help researchers in their battle against obstructive sleep apnea.”
“With backing from a quality investor syndicate including Quaker Partners, TPG, and Safeguard Scientific’s, NovaSom has forged a path in OSA home testing and established itself as a leader in the industry,” says Mara Huntington, managing director at Square 1 Bank, via prepared statement. “Square 1 is a commercial bank that services venture capitalists and entrepreneurs.”
“Square 1 became a public company earlier this year,” writes Ohnesorge. “By mid-morning Wednesday, Square 1 was trading down nearly 2 percent at $18.01.”