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Sleep disorder diagnostic company raises $2.5M; seeks another $1.5M

February 13, 2012 4:56 pm by | 0 Comments

insomnia, sleeplessness, sleep study

Sleep disorder diagnostic company Dymedix Diagnostics is seeking $4 million, of which $2.5 million has been raised, said interim chief operating officer Evan Johnston.

Dymedix makes sleep sensors that are used in sleep disorder clinical studies, Johnston said of the Minnesota company. Some of the money will be used to repay debt, but most of it will be used on a brand new sales and marketing strategy.

Until recently, the company was using a direct sales force to market its sleep sensors. Now, the goal is to collaborate with manufacturers of polysomnographs with which the sleep sensors are designed to be compatible.

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“It was not economically feasible to have our sales force market the sensors,” Johnston said. “We are now collaborating with the capital equipment manufacturers” whose equipment are used in sleep labs nationwide.

He added that the money will also be used to improve the sensors so that they are compatible with a broader set of polysomnographs that are available on the market.

Dymedix Diagnostics is a subsidiary of Dymedix Corp., which owns a 10 percent stake. Johnston is president and chief operating officer of the parent corporation.

[Photo Credit: freedigitalphotos user David Castillo Dominici]

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Arundhati Parmar

By Arundhati Parmar

Arundhati Parmar is the Medical Devices Reporter at MedCity News. She has covered medical technology since 2008 and specialized in business journalism since 2001. Parmar has three degrees from three continents - a Bachelor of Arts in English from Jadavpur University, Kolkata, India; a Masters in English Literature from the University of Sydney, Australia and a Masters in Journalism from Northwestern University in Chicago. She has sworn never to enter a classroom again.
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