A pressure support ventilatory assist device is disclosed. Pressure is provided by a blower which is operated at the minimum speed necessary to achieve the desired inspiration pressure. Pressure regulation is achieved by means of a novel pressure regulator valve, rather than by modulating blower speed, thereby reducing perceptible noise. The flow sensor is removed from its conventional location between the regulator valve and the patient mask to a location upstream of the regulator valve to minimize resistance to patient expiration and to isolate the valve from possible fluids in the tubing. Since the flow sensor in this location cannot sense expiration flows, the device includes circuitry for generating a model of the expiratory waveform based upon the inspiratory waveform. Actual pressure is then modulated to conform to the model waveform.