Oventus Medical has raised $6.5 million in a new round of financing, according to a Proactive Investors Australia report.
The Australian company raised the funds through the sale of shares at 36¢ per share, according to the report. A 2nd tranche is planned for the offering, subject to shareholder approval at a meeting in August.
Oventus is developing the O2Vent, an oral device designed to treat sleep apnea and snoring through the incorporation of an airway that bypasses nasal, soft palate and tongue obstructions, the company said.
The company recently finished a clinical study of the O2Vent earlier this year which showed that the device eliminated or significantly reduced snoring in 100% of patients, according to the report.
Last June, Oventus said it launched a fully underwritten initial public offering in Australia, looking to bring in $8.8 million (AUD $12 million) The company said it looked to float 24 million shares, which are slated to be listed on the Australian Securities Exchange at 37¢ (AUD 50¢) each, the company said.