OVENTUS LAUNCHES $12M ASX TILT
Written on the 17 June 2016
A BRISBANE-based sleep disorder device manufacturer and developer has launched an IPO to raise $12 million.
Oventus is offering 24 million shares to be listed on the ASX at 50 cents apiece, led and underwritten by Bell Potter Securities.
The company's O2VENT treats sleep apnoea and snoring by creating an airway to bypass nasal, soft palate and tongue obstructions.
The US Food and Drug Administration has approved the appliance for marketing, paving the way for international expansion.
Funds raised under the offer will be used to continue the commercialisation and distribution of the O2VENT in Australia, develop additional devices and expand to new markets.
Oventus chairman Mel Bridges says the company plans to become a global leader in the treatment of obstructive sleep apnoea.
The condition involves repeated episodes of airway obstruction during sleep and also has a direct link to more serious health issues.
"We are pleased to invite investors to join with Oventus as we embark on an exciting development program and help address a significant health and lifestyle issue for millions of people around the world," Bridges says.
Oventus estimates that the current global sleep apnoea market for therapeutic devices is worth US$3.5 billion and growing by 7.4 per cent each year.
The company lodged its prospectus with the ASX on June 8.