Australian medical device company, Oventus Medical Ltd. (ASX:OVN) is pleased to release its Appendix 4E with its full year audited general purpose financial report for the period ending 30 June 2017. The focus this year has been on four main areas - product development, clinical trials (both new products and additional product validation) and regulatory approvals, as well as market development and market access. These will lay the foundation for sales ramp up. Oventus reported revenue of $447,994 for the 12 months to June 30, 2017, and a net loss after tax of $6,510,114.
Notably, Oventus entered into a global distribution agreement with Modern Dental, the world's largest provider of dental prosthetic devices, with over 70 sales and service centres covering North America, Europe, Australia and the Greater China region.
The two companies have also established a co-manufacturing agreement for the O2Vent product range. Modern Dental group has extensive expertise in the manufacture of dental appliances, holding the required quality management manufacturing certifications, including contract manufacturer registration with the FDA in the US. It will enable Oventus to scale up manufacturing cost effectively for a global market.
Modern Dental has exclusive marketing rights to the Oventus product suite in the US, and non-exclusive rights in the rest of the world. Plans are now underway for a US launch in October 2017, with training and marketing development activities now in progress.
With the O2Vent W, the winged, or dorsal flex appliance cleared for sale to the US with the FDA, Oventus and Modern Dental will enter the US market with Oventus' proprietary airway technology integrated into the two most commonly used mandibular advancement methods. This will enable us to cater to the large section of dentists who prefer a winged styled device for mandibular advancement.
Oventus Medical CEO and Managing Director, Neil Anderson, said "Oventus' unique airway technology provides a solution that can significantly improve outcomes for patients with snoring, and/or sleep apnoea. Based on the learnings we have gathered from our customers and being in the field, our focus this year has been to ensure we have the vital elements in place to accelerate market adoption, from the right product strategy to alignment with a credible partner, in Modern Dental that will facilitate our global expansion.
"We also continue to advance our clinical trial program, further validating the benefit of the airway technology, and supporting the development of our CPAP connection which opens another market opportunity, into patients who currently do not or do not comply with CPAP treatment. This product is expected to be launched in 2018, pending regulatory approval."
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Mr Neil Anderson Managing Director and CEO M: 0403 003 475 Kyahn Williamson WE Buchan P: 03 9866 4722 or kwilliamson@buchanwe.com.au
