Quarterly Business Review & Appendix 4C
Brisbane, April 23, 2018 AEST (ABN Newswire) - Oventus Medical Ltd (
ASX:OVN) (Oventus, the Company) announces its Appendix 4C Report for the three-month period ending 31 March 2018 (Q3 FY2018) and is pleased to provide a review of progress made during the quarter.
Highlights
- Receipts from customers from sales of Oventus' O2VentTM totalled $101,881 in the March quarter, up from $35,386 in the December 2017 quarter following the commencement of initial sales and marketing by Modern Dental Group in the Dentist channel in January
- Cost reduction program underway with R&D spend reducing as clinical trials are concluded, expected to kick in in the second half of calendar 2018
- Analysis of clinical trial data in progress with results from an additional 79 patients expected to be released in current June quarter
- Operational team bolstered in North America with appointment of Robin Randolph as Vice President of Marketing and Operations; and Greg Eaton as Vice President of Sales
- Government Research and Development tax incentive cash rebate of $966,233, received in January 2018
- Oventus remains in a strong cash position with $11.89m as at 31 March 2018
Quarterly sales
Receipts from customers totalled $101,881 in the March quarter, up 188% from $35,386 in the December 2017 quarter (Q2 FY2018).
The increase in sales represents the beginning of Phase 3 activities in January 2018 involving the commencement of initial sales and marketing of Oventus products under the Modern Dental Group (Modern) manufacturing and distribution agreement into the Dental channel.
Founder and Clinical Director, Dr Chris Hart commented, "While we are still in the early stages of rolling out under the Modern agreement, the go to market activities undertaken by Modern in the Dental channel are now starting to have an impact on sales.
Along with our recently increased sales capability in the US, early feedback and progress in the Sleep channel indicates that we will be well positioned to start better driving sales in the second half of calendar 2018. A European launch is planned by the second half of calendar 2018."
To view the full report, please visit:
http://abnnewswire.net/lnk/X2WH7RLN
About Oventus Medical Ltd
Oventus Medical Ltd (ASX:OVN) is a Brisbane based medical device company that is commercialising a unique treatment platform for the treatment of sleep apnoea and snoring. Unlike other oral appliances or CPAP interfaces, the Oventus devices have a unique and patented airway within the treatment platform that allows air to flow to the back of the mouth unobstructed while maintaining an oral seal and stable jaw position, bypassing multiple obstructions from the nose, soft palate and tongue, reducing airway collapsibility and managing mouth breathing while maintain a stable airway with or without nasal CPAP. They are particularly designed for the many people that have nasal obstructions and consequently tend to mainly breathe through their mouth. While it may seem counterintuitive, this technology actually manages mouth breathing by converting it to device breathing and normalising ventilation. The O2Vent(TM) is designed to allow nasal breathing when the nose is unobstructed, but when obstruction is present, breathing is supplemented via the airways in the appliance.
For more information on Oventus' Sleep Treatment Platform, please visit https://www.oventus.com
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