A further two US sleep medicine groups have agreed to adopt Oventus Medical’s (ASX: OVN) O2Vent sleep technology to treat obstructive sleep apnoea at their facilities.
Delaware Sleep Disorder Centres and Reliable Respiratory will roll-out Oventus’ O2Vent sleep treatment platform and lab in lab business model across a total of 10 facilities.
“It is very encouraging to see strong continued interest from US sleep centres keen to deliver Oventus’ highly efficacious sleep treatment platform to patients,” Oventus chief executive officer Dr Chris Hart said.
Under the agreements, Oventus will exclusively supply both companies with dental sleep services to treat obstructive sleep apnoea.
However, the agreements won’t be officially launched until Oventus has secured US FDA clearance for its Optima oral device, which it expects to receive in the second half of this year.
Today’s news follows earlier agreements with companies in the US and Canada. Additionally, a number of contracts are being negotiated in Canada to sell its Optima and complimentary oral PEEP valve ExVent devices.
According to Oventus, its obstructive sleep apnoea treatment technology is comparable to the current standard of care.
The technology delivers continuous positive airway pressure for patients in a non-invasive manner.
Although this method is effective in treating obstructive sleep apnoea, current methods involve patients wearing a mask that is hooked up to a machine that blows air into the throat.
This can be cumbersome and uncomfortable with up to 60% of sufferers quitting in the first year.
Oventus’ O2Vent technology offers patients an alternative in an oral appliance that can treat the entire upper airway and has been proven affective across four clinical studies comprising more than 170 patients.
To boost sales of its devices, Oventus increased its cash reserves by $9.3 million via a recent capital raising and entitlement offer.
“With the support of our recent capital raising, we are in a strong position to deliver on more agreements like these across our key markets of the US, Canada and Australia,” Dr Hart said.
By mid-morning, shares in Oventus were up 4.30% to $0.485.