Established in 2012, Oventus Medical Limited (ASX: OVN) is a Brisbane-based, medical device company which is focused on the treatment of Obstructive Sleep Apnea and snoring through its proprietary technology. Recently, the company released its Investor Presentation titled “Unmasking the OSA Market Opportunity”. Obstructive Sleep Apnea (OSA) is the most common type of ‘sleep apnea’, and as per the company’s presentation, it is a massive & growing market as it affects around 34% of men and 17% of women. According to the company, the OSA market is extensive with AU$ 3.8 billion per year and it is growing at 15-20% CAGR with only 20% of OSA sufferers in care.
During 2018, clinical work undertaken through the Federal Government-funded CRC-P, ‘NeuRA trial’ led to three significant discoveries in the area of sleep medicine. The first discovery was related to the ExVent™ valve. When this valve is inserted into the ‘duck bill’ of Oventus’ O2Vent™ device, it improves efficacy for those patients who need more intervention. The second discovery was regarding the O2Vent ONEPAP™ valve. When this valve is clipped into the ‘duck bill’ of Oventus’ O2Vent™ device and it acts as a mini CPAP valve without any cords or power, and the third discovery was related to the O2Vent Connect™ CPAP connection which connects the Oventus O2Vent™ device to CPAP, allowing CPAP to be delivered at lower pressures, without any full-face mask. According to the company, these unexpected product discoveries, Oventus’ ExVent valve, OnePAP and O2Vent Connect, represent the biggest improvements in sleep medicine in decades.
In 2019, the company is driving the most significant change the sleep apnea market has seen for years. The Oventus Airway Technology and valve accessories are set to disrupt a large and growing market. In 2019 the company will be focusing on the Launch of groundbreaking O2 Vent Optima and ExVent in Australia, Canada and USA. Further, the company will also be focusing on the Onboarding of Major Sleep Hybrids in the US for sales and distribution.
Recently on February 2019, the company announced the Canadian launch of the O2Vent® Optima device which is used in the treatment of OSA and snoring. In January 2019, the company also announced the formal launch of its nylon O2 Vent Optima™ device in Australia.
In Q2 FY2019, the Receipts from customers for the sale of Oventus’ O2VentTM devices for the treatment of Obstructive Sleep Apnoea (OSA) totalled $47,000. During the quarter, the company received cash refund of $1.039 million for research activities in FY 2018 from the Australian Taxation Office under the Federal Government’s Research and Development (R&D) Tax incentive scheme. During the quarter, the distribution agreement between Oventus and Modern Dental became non-exclusive, enabling the opportunity to launch sales and distribution in the sleep channel with a direct-to-customer sales approach and US-based manufacturing and distribution.
OVN’s shares traded at $0.330 with a market capitalization of circa $34.96 million as on 11 February 2019.
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