Brisbane-based Oventus has raised A$7.6 million (US$5.8 million) selling 13.8 million shares at A$0.55 per share. The deal was heavily oversubscribed with strong support from new and existing institutional and sophisticated investors.
“The additional funding will ensure we are well capitalised to support our entry into the global sleep apnoea market, through partnerships like the one we signed earlier this year with Modern Dental Group. We are grateful of the continued support from our existing shareholders and welcome the new institutions as shareholders,” said chairman Mel Bridges.
The sleep disorder device manufacturer will use proceeds to strengthen the Oventus team; to develop its dentist sales channel in collaboration with Hong Kong’s Modern Dental Group; to develop its market strategy into the sleep clinician sales channel in Australia and the US; and to bring two new products to market.
Bell Potter managed the deal.