Sleep disorder device manufacturer and developer Oventus Medical Ltd. (ASX: OVN) is pleased to announce its successful listing on the ASX on 19 July 2016 with a fully subscribed IPO. This heralds plans to grow and disrupt the multi-billion dollar global sleep devices market.
To achieve these growth plans, Oventus has:
- Registered its next generation O2VentTM T titratable device with the Australian Therapeutic Goods Administration (TGA) and launched the device for consumers through an expanded network of dentists;
- Lodged a 510k application with the US Food and Drug Administration (FDA) for the O2VentTM T;
- Scaled up its in-house 3D printing capability in preparation for a ramp up in production;
- Successfully listed on the Australian Securities Exchange (ASX) via a fully subscribed IPO underwritten by Bell Potter with strong support from Ord Minnett, Baillieu Holst and Peloton Capital;
- Exhibited at both the American Academy of Dental SLEEP and SLEEP Medicine conferences in Denver, Colorado, the world’s largest meetings of sleep experts where there was significant interest in Oventus’ products, pipeline and their innovative design. Interest came from dentists and sleep clinicians as well as strategic partners;
- Boosted the number of dentists distributing Oventus’ products with enrolments for training growing and geographic regions reached expanding;
- Advanced plans for growing into the US by identifying key sites to target and entering discussions.
“Oventus is a company with a unique oral mouthguard device that can help people globally who suffer from obstructive sleep apnoea and snoring,” said Chairman Dr Mel Bridges.
“I’m proud to be part of this company and our leadership team, who are all experienced in the commercialisation and global roll out of medical devices, as it starts out on a new phase of growth as an ASX listed company,” he added.
The company’s O2VentTM range incorporates an airway to bypass nasal, soft palate and tongue obstructions. The device and its airway advances the treatment of sleep conditions and provides patients with a new option to current devices.
The company recently received clearance from the US Food and Drug Administration (FDA) for the O2VentTM Mono device, which will be used as a platform for clearance of the O2VentTM T device.
Oventus’ devices have been validated through a clinical trial and received strong positive feedback from users. The company continues to work on its pipeline of devices which will enable it to reach a wider number of patients suffering sleep disordered breathing issues.
The company’s intellectual property is closely protected with its platform patent issued in Australia and with multiple patent applications in key jurisdictions.
With the listing of Oventus on the ASX, the company anticipates receiving independent research coverage.
“I welcome new shareholders to Oventus and look forward to sharing with them future updates on our progress,” Dr Bridges said.
For more information please contact:
Dr Mel Bridges, Chairman: M: 0413 051 600 (+61413051600) E: email@example.com
Gavin Lower, WE Buchan: P: 03 8866 1215 or M: 0414 796 726
Oventus is a Brisbane based medical device company that is commercialising a suite of oral appliances for the treatment of sleep apnoea and snoring. Unlike other oral appliances, the Oventus devices have a unique and patented airway within the device that delivers air to the back of the mouth bypassing multiple obstructions from the nose, soft palate and tongue. They are particularly designed for the many people that have nasal obstructions and consequently tend to mainly breathe through their mouth. While it may seem counterintuitive, the device actually prevents oral breathing. The O2VentTM is designed to allow nasal breathing when the nose is unobstructed, but when obstruction is present, breathing is supplemented via the airways in the appliance.
According to a report published by the Sleep Health Foundation Australia, an estimated 1.5 million Australians suffer with sleep disorders and more than half of these suffer with obstructive sleep apnoea.¹
Continuous positive airway pressure (CPAP) is the most definitive medical therapy for obstructive sleep apnoea, OSA, however many patients have difficulty tolerating CPAP². Oral appliances have emerged as an alternative to CPAP for obstructive sleep apnoea treatment.³
¹ Deloitte Access Economics. Reawakening Australia: the economic cost of sleep disorders in Australia, 2010. Canberra, Australia.
² Beecroft, et al. Oral continuous positive airway pressure for sleep apnea; effectiveness, patient preference, and adherence. Chest 124:2200–2208, 2003
³ Sutherland et al. Oral appliance treatment for obstructive sleep apnea: An updated Journal of Clinical Sleep Medicine. February 2014.