Successful Capital Raising
- $7.0 million has been raised in an initial placement at $0.36 per share.
- In addition, Oventus will be conducting a share purchase plan for each eligible shareholder capped at $2.0 million at $0.36 per share.
- The capital raising follows the announcement earlier this week of the signing of a global distribution agreement with Modern Dental Group.
- Modern Dental Group is the world's largest dental prosthetic device provider with over 70 sales and customer services centres covering North America, Europe, Australia, and the Greater China regions.
Oventus' Chairman Dr Mel Bridges said: "We are delighted that the placement has seen such strong support and thank investors for that support. The additional funds raised under the placement will put the company in a strong position to progress in its current endeavours. The raising follows the recent announcement of the signing of a global distribution agreement with Modern Dental Group - the world's largest dental prosthetic device company".
The funds will be used to increase working capital and:
1. build sales by co-marketing with our distributor partners in various regions - in particular Modern Dental in US and Australia;
2 complete R&D and regulatory approvals for the current products in development - in particular for the sleep clinician channel;
3 complete current clinical trials that will be used to further validate the value of the Oventus proprietary airway and as further evidence to engage with clinicians - especially sleep clinicians; and
4 scale production in collaboration with manufacturing partners where required.
The placement has been managed by Bell Potter Securities Limited.
Share Purchase Plan
Oventus is pleased to announce that it will also offer each eligible shareholder in Australia and New Zealand the opportunity to subscribe for up to $15,000 in Oventus shares under a share purchase plan (SPP) at the price of $0.36 per share, being the same price as for the placement, capped at $2.0 million.
Participation in the SPP is open to all holders of Oventus shares with a registered address in Australia and New Zealand at the record date for the SPP.
To view further details on the SPP terms and an application form, please visit:
About Oventus Medical Ltd
Oventus Medical Ltd (ASX:OVN) is a Brisbane, Australia, based medical device company that is commercialising a new 'Sleep Treatment Platform' for the treatment of sleep apnoea and snoring. The Oventus platform enhances the treatment outcomes of both standard mouthguard-type oral appliance therapy (often used to treat mild to moderate sleep apnoea) and of Continuous Positive Airway Pressure (CPAP) therapy (often used to treat moderate to severe patients.)
Since the Oventus 'Sleep Treatment Platform' is generally well tolerated by patients, and incorporates a unique airway, which supports better breathing, it has been shown in clinical trials to have increased efficacy and provide greater adherence over the competing treatment options.
For more information on Oventus' Sleep Treatment Platform, please visit http://www.oventus.com
Oventus Medical Ltd