Oventus Medical Limited (ASX: OVN) is a healthcare sector company, engaged in the development of oral devices that are used for the therapeutic treatment of breathing disorders, particularly sleep apnea.
On 22nd May 2019, Oventus Medical Limited announced the launch of key customers in North Carolina, USA. The company is in line with its strategy of engaging the sleep and dental channels to deliver care to patients. The North American team of the company is working with Dr Domingo Rodriguez-Cue, who is a board-certified Sleep Physician and medical director of one of the largest providers of sleep management services in the US.
Additionally, the company is also working in tandem with the largest comprehensive dental group in North Carolina in order to implement the Oventus Sleep Treatment Platform as a new treatment modality for OSA (Obstructive Sleep Apnea) in patients in the region of Carolinas in the USA.
Dr Domingo Rodriguez-Cue stated that sleep apnea is one of the most dangerous sleep disorders, with patient suffering Sleep apnea stops breathing when he/she is asleep as their airways are obstructed. He also commented that some patients were benefitted from the conventional treatments like CPAP, but many patients unable to show improvement. The O2 Vent® and OVN treatment platform is the biggest advancement in sleep medicine in recent years. The unique design of the Oventus Airway Technology transport air to the back of the throat, which allows breathing through the oral appliance, bypassing nasal resistance and obstruction of the oropharynx.
For the last two months, the company is working with SleepCues and Lane Dental, educating more than 125 dental and sleep team members about the benefits of Oventus Airway Technology and the method of implementation into the clinical practice throughout North Carolina.
Dr Chris Hart, the CEO of Oventus, stated that North Carolina is the first region, where the company is launching OVN’s airway technology in sleep and dental channels at the same time. He further added that this model of the company will be replicated by region in North America over the coming one to two years.
In the March 2019 quarter, OVN’s cash receipts have increased to $100,000, which was $47,000 in the previous quarter. The company has launched O2 Vent® Optima successfully in Australia and Canada. OVN expects to launch ExVent™ valve technology in the June quarter 2019. ExVent™ valve technology, when combined with select O2 Vent® devices, naturally improves the airflow and airway stability.
There was a net cash outflow of $1.712 million from the operating activities of the company. The primary drivers of the cash outflow were research and development expenses, with advertising and marketing spend, staff costs and administration and corporate costs.
The company used $0.146 million in its investing activities. By the end of the March 2019 quarter, Oventus Medical Limited had cash and cash equivalents of $5.142 million. In the June 2019 quarter, the estimated cash outflow stands at $2.175 million.
At market close on 22nd May 2019, the closing price of the OVN shares was $0.250. OVN holds a market cap of $26.48 million and approximately 105.94 million outstanding shares.
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