BRISBANE, Australia--(BUSINESS WIRE)--Sleep disorder device manufacturer and developer Oventus is pleased to announce it has launched a fully underwritten Initial Public Offer to raise $12 million.
Oventus is offering 24 million shares to be listed on the Australian Securities Exchange at $0.50 a share.
The company has developed a unique oral appliance for the treatment of sleep apnoea and snoring that incorporates an airway to bypass nasal, soft palate and tongue obstructions. The O2VENTTM 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 to market the O2VENTTM device, providing validation for its technology and a step to expanding into international markets.
Oventus’ mission is to be a global leader in the treatment of obstructive sleep apnoea (OSA) with an initial focus on those who cannot, or are not, treated effectively with existing treatments. OSA (repeated episodes of airway obstruction during sleep) is commonly associated with snoring but also has a direct link to more serious health issues.
The current global sleep apnoea market for therapeutic devices is estimated to be worth $US3.5 billion and growing by 7.4% every year.
“We are pleased to invite investors to join with Oventus as we embark on an exciting development program and help address a significant health and lifestyle issue for millions of people around the world,” Chairman Mel Bridges says.
Funds raised under the Offer will be used to continue the commercialisation and distribution of this device in Australia, develop additional devices, as well as commence expansion into other jurisdictions.
The IPO is being led and underwritten by Bell Potter Securities.
The offer of shares in Oventus is made in a Prospectus lodged with the Australian Securities and Investments Commission (ASIC) on 8th June, 2016. Copies of the Prospectus are available on the Company’s website www.oventusmedicalinvestors.com or from Bell Potter Securities.