By Daniella Parra
ProSomnus, Inc. (NASDAQ: OSA) said it raised $10 million in a convertible preferred equity offering led by existing investors Spring Mountain Capital and Cetus Capital, LLC, along with participation from key executives.
The funding will be used to optimize core operations and drive strategic growth, with the aim of achieving cash flow breakeven, the company said.
“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. “As we discussed on our second quarter call, the ProSomnus team is executing at a high level, having reported 48% revenue growth in the first half of 2023 and additional scientific data demonstrating the effectiveness of ProSomnus precision devices.”
Editor@Executives-edge.com
