Angelini Ventures, the corporate venture capital arm of Angelini Industries, has announced that Noctrix Health, in which it invested in January 2024, has been acquired for $340 million by ResMed, an Australian company headquartered in San Diego, USA, and a leading manufacturer of medical devices for respiratory and sleep-related disorders.
This transaction marks Angelini Ventures’ first exit from a portfolio company and has come ahead of schedule, confirming the quality of the portfolio, the firm’s ability to identify technologies with significant clinical and market impact, and the team’s strategic and operational expertise.
In January 2024, Angelini Ventures participated in Noctrix’s capital raise as part of a $40 million Series C round led by Sectoral Asset Management, with participation from Resmed and Asahi Kasei, amongst others, and support from existing investors, including Orbimed and Treo Ventures.
“This transaction marks a significant milestone for Angelini Ventures: it is our first exit from a portfolio company, achieved almost a year ahead of schedule,” said Paolo Di Giorgio, CEO of Angelini Ventures, in a statement. “This is a source of great satisfaction for our company, which has once again demonstrated its ability to identify and support innovative, high-potential technological solutions. It is also further proof of the strength of the Noctrix team, to whom we wish all the best for their future growth. As Angelini Ventures, backed by €125 million in investments already allocated from 2022 to the present, we remain determined to promote innovation and build a solid infrastructure for investing in new ideas, technologies and partnerships.”
“Setting up Angelini Ventures was a forward-thinking decision: we wanted to establish a €300 million corporate venture capital fund with the aim of investing in innovation and building a stable bridge between research, start-ups and industry at an international level,” says Sergio Marullo di Condojanni, CEO of Angelini Industries “This first exit confirms the soundness of our approach and the excellent work of the Angelini Ventures team in identifying start-ups and projects with strong growth potential which, we are certain, will help improve people’s quality of life, expanding access to care and promoting more effective care pathways through digital innovation.”
“It has been a privilege to work with the Noctrix team at such a crucial stage in the company’s growth,” adds Tanja Dowe, managing director of Angelini Ventures and Observer (pictured) and, until the acquisition, a member of the board of directors at Noctrix Health. “The speed and quality of their work in clinical development, regulatory approval and commercialisation have been exceptional. We are proud to have supported the company on its journey towards delivering an innovative treatment for patients suffering from Restless Legs Syndrome.”
Founded in 2016, Noctrix is a US-based medtech company that has developed Nidra, the first wearable device designed to treat Restless Legs Syndrome (RLS), a neurological disorder that causes uncomfortable sensations in the lower limbs, which occur mainly at night and negatively affect sleep quality. The wearable therapy, based on Tonic Motor Activation (TOMAC), involves the use of two bands, to be worn just below the knees, which contain a device capable of stimulating the spinal cord via electrical pulses, thereby generating a response that activates the muscles in the lower legs, reducing symptoms and improving sleep quality in adults with drug-resistant RLS. Nidra was authorised in 2023 by the Food and Drug Administration (FDA) via the De Novo pathway for medical devices, supporting its marketing in the United States: it is the first and only treatment approved by the US federal agency for RLS.
Resmed plans to integrate Noctrix’s technology into its portfolio of connected devices and digital health solutions to help expand access, improve care pathways and enhance patient outcomes over time. This approach resonates deeply with Angelini Ventures’ vision regarding connected devices and digital health and represents a concrete demonstration of an investment strategy capable of creating value for patients and for the healthcare system as a whole, going beyond traditional implantable and non-connected devices.
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