It seemed like a foregone conclusion that Virtuox would snap up NovaSom’s assets at the scheduled bankruptcy auction. However, the auction was canceled after Novasom accepted a $5.5 million offer from SleepMed now owned by BioSerenity Inc. as of September 25th.
Not familiar with BioSerenity? They are a high growth French startup, based in Paris, specializing in remote diagnostic technologies.
BioSerenity also owns Somnophy, a network of seven sleep labs in France operated in partnership with hospitals, clinics and healthcare centers.
Here’s the official press release from SleepMed:
SleepMed, one of the largest operators of sleep labs in the United
States, has acquired Novasom’s assets, a leading provider of Home Sleep Testing (HST). Each service will continue to operate and the teams will work together to deliver the best care experience.
As a result of this acquisition, SleepMed will become a leader in remote Sleep Medicine diagnostics in the United States. Novasom specializes in diagnostic testing for Obstructive Sleep Apnea, a potentially life-threatening disorder contributing to poor sleep and poor oxygenation, which stresses the cardiovascular system of the patient.
According to Roger Anderson, Senior Vice President of Finance and Operations, “We are excited to invest in Novasom, continuing the high-quality diagnostic services with high patient satisfaction.”
Jeff Powell, General Manager completes, “By combining SleepMed, a perennial leader in Sleep Medicine; Novasom, a highly efficient home sleep operation; and BioSerenity’s technology and Cloud Platform, we are in a position to rapidly expand our US operations. There are 22 million people suffering from Obstructive Sleep Apnea in the US, with up to 80% undiagnosed. We intend to make the diagnostic process as convenient and efficient as possible for clinicians and patients.”
SleepMed and Novasom will launch a shared investment plan in the coming weeks to offer state of the art diagnostics.
Dumpster fire times 2! French have no idea what good assets are
Interesting, they sold for $55. millions only months after raising an almost identical amount in new capital!