Respiratory Motion Inc., a privately held medical device company based in Waltham, said it has raised $5.8 million in the first closing of its Series B preferred financing round and expects to raise up to an additional $3 million of capital, bringing the round to $8.8 million.
The round was led by Easton Capital, a New York venture capital firm. Early investors also participated, the company said in a press release.
The company’s focus is on the development and commercialization of innovative devices to monitor respiration. Respiratory Motion said it will use the funding to support the marketing of its ExSpiron respiration monitoring system.
In a statement, company chief executive Jenny Freeman said: “Respiratory depression continues to be a threat to patient safety and a leading source of added costs across the continuum of care in the hospital. Signs of respiratory risk often originate in the recovery room, ripple onto the general ward, and can continue post-discharge with the resulting significant cost burden for hospitals apparent at all levels – from the board of trustees to CFOs and all the way down the line. Higher incidence of obesity, sleep apnea, and use of opioids exacerbate the problem, while the current standard of care has proven insufficient. The best way to attack this is at the perioperative source.”