Ventus Medical, a Belmont, Calif.-based medical device maker focused on obstructive sleep apnea, has raised $40 million in Series D funding. No investors were listed, but past backers include Mohr Davidow Ventures, De Novo Ventures and Johnson & Johnson Development Corp. In other company news, former Bayer Healthcare exec Peter Wyles has joined Ventus Medical as president and CEO.
Ventus Medical, a privately held medical device company based in Belmont, California, has closed a $40 million Series D financing. In addition, Peter Wyles was named President and CEO, joining Ventus Medical from Bayer HealthCare. Proceeds from the financing will be used to expand the commercialization efforts for the company’s lead product, PROVENT Sleep Apnea Therapy, a daily use, prescription device indicated for the treatment of obstructive sleep apnea.
“Peter brings an impressive record of start-up expansion, consumer and prescription product marketing and executive leadership,” says Jeff Nugent, Chairman of Ventus Medical. “His proven track record in general management and global marketing expertise will add tremendous value as we continue to focus on expanding our position in the sleep disordered breathing market.”
“I am extremely excited to join Ventus Medical and assume leadership of this company through its next stage of growth and success,” says Mr. Wyles. “I look forward to working with the Board and management team to continue to position the company for future growth.”
Mr. Wyles was most recently with Bayer HealthCare for 15 years where he led consumer, pharmaceutical and medical device businesses in Germany, Japan, Canada and the United States More recently, he led the expansion and integration of Metrika, a former diabetes start-up that was acquired by Bayer HealthCare in 2006. Peter earned an MBA from Thunderbird School of Global Management, and a BA from Pennsylvania State University.
About Ventus Medical
Ventus Medical is a privately held medical device company focused on transforming the treatment of sleep disordered breathing. Located in Belmont, California, Ventus Medical has developed and markets PROVENT, a new breakthrough therapy for obstructive sleep apnea. Existing sleep apnea solutions do not always meet patients’ needs. Through truly innovative technology, solid clinical evidence, and a focus on the patient, Ventus Medical seeks to deliver consumer-preferred, physician-recommended solutions.