Oventus Medical Limited (ASX: OVN) uncovered its O2VentÂ® Optima oral device in Canada which aims at the treatment of obstructive sleep apnoea (OSA) and snoring. The news sent the stock price to surge up by 5% or 0.015 points to last trade at A$0.315 on 4 February 2019.
The device launch in Canada follows the successful Australian launch in January with US launch to follow pending 510(k) regulatory approval from the US FDA. It is expected by the company that the product will be launched in the United States market by Q2 CY2019.Â
O2VentÂ® Optima is the companyâs one of the two new oral device products. It represents the product within Oventusâ Sleep Treatment Platform and the feature that sets it apart is the unique Oventus Airway Technology which allows airflow. Whereas, the second new product of the company is a valve ExVentâ¢ that reportedly integrates with O2VentÂ® devices to improve the stability of airflow and airway naturally. The company informed that as per the latest clinical trials, both its product either individually or in collaboration have the potential to significantly improve the treatment outcomes of sleep disorders and obstructive sleep apnoea.
Oventus Managing Director and Chief Executive Officer, Dr. Chris Hart stated, Oventus has launched O2VentÂ® Optima in Canada following positive feedback from the local market of Canada. Mr. Hart added that the O2VentÂ® Optima is a strong replacement for the patients who refuse to use CPAP therapy or faces the struggle with it.
The companyâs new oral appliance product O2VentÂ® Optima comes as an alternative to the current medical therapy Continuous positive airway pressure (CPAP) which is used for obstructive sleep apnoea. It is because for many patients it is intolerable to go through CPAP therapy.
As per the research reports, around 1.5 million of Australians are going through sleeping disorders, and more than half of these people suffer from obstructive sleep apnoea. Oventus devices are the device allows the air to flow to the back of the mouth without any obstruction while maintaining a stable airway and reducing airway collapsibility.
As per the companyâs information, Oventusâ valve product ExVentâ¢ is expected to be launched in Australia during Q1CY2019. Following which it is said to be released in North America and Europe.
For FY2019, the company targets to bring down its fixed business cost by 15-20% while launching and commercializing products in late-stage development at a reduced cost of goods sold. Moreover, as product development and clinical trials are finalized, Oventus is transitioning from an R&D focused company to a âgot to marketâ or sales-oriented company with a restructured team. The company told that key parts of the manufacturing process are being outsourced while retaining management of data and software design.
The market capitalization of Oventus stands at $31.78 million as at 4 February 2019. Over the past 12 months, OVN stock price has fallen by 41.18%.
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