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Oventus Announce Quarterly Business Review – Q4 FY2019

Highlights

  • Cash receipts of A$95,000 in Q4 FY2019, compared to A$79,000 in the same quarter last year
  • ExVentTM launched in Australia and Canada: valve technology that integrates with select O2Vent® devices to naturally improve airflow and airway stability for patients with obstructive sleep apnoea (OSA)
  • Strong demand for Oventus’ products: agreements signed with sleep groups in Canada and US, post quarter end
  • Synergistic agreements signed with VirtuOx, Carestream Dental and Lyon Dental post quarter end to underpin widespread adoption for ‘lab in lab’ business model
  • O2 Vent® Optima launch in the US expected in 2H CY2019, following FDA approval
  • Equity Placement announced post the quarter, firm commitments raising A$7.0 million from institutional and sophisticated investors in two tranches and launched a fully underwritten 1 for 20 pro-rata non-renounceable Entitlement Offer (Rights Issue) to raise approximately A$2.3 million
  • Funds raised strengthen the balance sheet and support widespread roll out of Oventus’ O2VentTM sleep treatment platform and enable adoption of Oventus’ ‘lab in lab’ business model in the sleep and dental channels
  • Cash position of A$3.0 million as at 30 June 2019 (excluding A$9.3 million proceeds expected from the Placement and Entitlement Offer)
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