Impressive ASX debut for Somnomed
Friday, 27 August, 2004
Sleep device company Somnomed (ASX: SOM) made an impressive debut on the ASX today, opening 30 per cent above the IPO issue price of AUD$0.30 at $0.40.
At the time of writing the company's shares were trading at $0.475, after reaching as high as $0.49.
Somnomed is commercialising a customised mandibular advancement splint device used to prevent snoring and mild to moderate sleep apnoea.
The company raised $12 million in an oversubscribed IPO and will use the funds to expand their production facilities to an initial capacity of 5000 devices annually, in addition to establishing accreditation programs for dentists, who will prescribe and fit the devices to patients.
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