Sleep disorder device maker Oventus said today it launched a fully underwritten initial public offering in Australia, looking to bring in $8.8 million (AUD $12 million)
The Australian device maker is looking to float 24 million shares, which are slated to be listed on the Australian Securities Exchange at 37¢ (AUD 50¢) each, the company said.
“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,” Chairman Mel Bridges said in a press release.
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 said it recently won 510(k) clearance from the FDA for the O2Vent device, and said it is taking steps to expand into international markets.
Funds raised in the offering are slated to be used to continue commercialization and distribution of the device in Australia, as well as to aid in the development of additional devices and to expand into new areas.
The IPO is being led and underwritten by Bell Potter Securities.
