- $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 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 O2Vent 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.
A clinical study completed earlier this year showed the company's first generation product the O2Vent Mono(TM) is successful in treating OSA and that snoring was either eliminated or significantly reduced to 100 per cent of patients. The positive results included those people who had nasal obstructions and mainly breathed through their mouths, including when they were asleep. It also improves oxygen levels for patients.
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.
Continuous positive airway pressure (CPAP) is the most definitive medical therapy for obstructive sleep apnoea, OSA, however many patients have difficulty tolerating CPAP. Oral appliances have emerged as an alternative to CPAP for obstructive sleep apnoea treatment.
Oventus Medical Ltd