Oventus is receiving increased enquiries regarding the SPP and the Board has decided to extend the SPP closing date given the relatively short period before the SPP closes under the original timetable. This extension will allow eligible shareholders additional time to consider submitting their SPP applications.
Under the SPP eligible shareholders are able to subscribe for up to $15,000 worth of ordinary shares in Oventus at an issue price of $0.36 per share without brokerage fees.
An updated SPP timetable is as follows:
SPP Record Date (at 7:00 p.m. Brisbane time): Wednesday 21 June 2017
SPP Closing Date (at 5:00 p.m. Brisbane time): Monday 31 July 2017
Date of the issue of the securities under the SPP: Monday 7 August 2017
ASX quotation of the securities under the SPP: Tuesday 8 August 2017
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