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Sleep Solutions Secures $7 Million Financing Ramps Up Diagnostic Service for Sleep Apnea Using First
FDA-Cleared, The funds will be used to ramp up sales of Sleep Solutions(R)' comprehensive diagnostic service for at-home evaluation of sleep disordered breathing, especially obstructive sleep apnea (OSA). This service utilizes the first device cleared by the U.S. Food and Drug Administration (FDA) designed specifically for unattended, unassisted use in the patient's home and clinically proven to be equivalent to in-laboratory polysomnography (PSG), the current standard in diagnosing OSA. Additionally, the proceeds will fund research and development of the company's future portfolio of sleep-medicine technologies. OSA is the most common type of sleep disordered breathing, afflicting an estimated 18 million people in the U.S. at a health care cost of nearly $15 billion. With less than 5 percent of patients diagnosed and treated, OSA is a major medical problem shown to cause high blood pressure, and is associated with increased risk of heart attack or stroke, memory and performance problems, depression and increased accident rates. "The field of sleep medicine requires new alternatives to quickly and cost-effectively identify and care for the millions of undiagnosed OSA patients," said Daniel Dugan, Sleep Solutions' president and CEO. "We have developed a global solution that combines an innovative diagnostic technology with a unique service-delivery model to reach any patient, anywhere. This financing allows us to continue our commitment to speed delivery of leading-edge technologies to all patients suffering from OSA." Last year, Sleep Solutions was awarded Frost & Sullivan's distinguished Market Engineering Entrepreneurial Company Award, recognizing its work to identify a unique and revolutionary product solution with significant market potential. "Fortune Small Business" also named the company among its top 65 innovative start-up companies to watch. Clinically-Validated At-Home Testing Using proprietary audio digital-signal processing (DSP) technology and sound analysis algorithms, Sleep Solutions' at-home diagnostic device demonstrated a 96% correlation to PSG in clinical studies for diagnosis of OSA. The easy-to-use device requires only that patients position three small sensors and push the "Start" button. Voice prompts guide the patient through the setup and alert them if any sensor is displaced during the night. Direct-to-Patient, Full-Service Delivery Model Sleep Solutions' diagnostic service relies on a proprietary Internet-enabled database and network architecture called the MediTrack® System, designed to facilitate direct-to-patient delivery of prescription testing services and medical products. Once ordered by a physician, Sleep Solutions delivers its diagnostic system directly to the patient's home. After collecting up to three nights of sleep data, the system is returned to Sleep Solutions where the data is analyzed and a comprehensive Sleep Study report is sent to the referring physician for diagnosis. The MediTrack System also provides for secure online medical records management and outcomes tracking. About Sleep Solutions Inc. Sleep Solutions Inc., of Palo Alto, Calif., provides an at-home diagnostic service for testing and evaluating sleep-disordered breathing, including obstructive sleep apnea. The privately-held company provides physicians and their patients a clinically validated, cost-effective, accurate and comfortable alternative to in-laboratory sleep studies. The company's home diagnostic system employs proprietary sound analysis technology and is delivered to customers via an innovative direct-to-patient system. Professionals and consumers interested in more information can call toll free at 877-753-3776 or visit http://www.sleepsolutions.com/ . Sleep Solutions and MediTrack are registered trademarks of Sleep Solutions Inc. |