Sleep disorder start-up debuts on the ASX
Sleep disorder device manufacturer Oventus Medical (ASX:OVN) made its debut on the Australian Securities Exchange today, raising $12 million from a fully subscribed IPO underwritten by Bell Potter.
The milestone comes two-and-a-half years after the company first approached its current partner, CSIRO, with the idea for a mouthguard with airways that would assist airflow bypass a sleep apnoea sufferer’s airway obstructions, including from the tongue, soft palate and nose.
The initial prototype, 3D-printed from titanium through CSIRO’s Lab 22 facility, went on to complete clinical trials and has since been named the O2Vent — a mouthpiece which is customised to the precise dimensions of a patient’s mouth, ensuring optimal airflow during sleep.
In April this year, the O2Vent received US FDA clearance. The company has since received clearance for its O2Vent Mono range, which will be used as a platform for clearance of the next-generation O2Vent T. The titratable version incorporates a small adjustment key which allows for forward or backward adjustment of the lower jaw to optimise treatment.
The $12 million raised from the IPO will be injected into the commercialisation and distribution of the O2Vent range. The company anticipates receiving independent research coverage as a result of its listing on the ASX.
“I welcome new shareholders to Oventus and look forward to sharing with them future updates on our progress,” said Oventus Chairman Dr Mel Bridges.
Oventus Medical (ASX:OVN) shares were trading at $0.69 as of around 4 pm on Tuesday.
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