Ventus Medical, the maker of the Provent nasal device, is planning to go public:
BIOTECH company Ventus Medical, chaired by former OPSM boss Jonathan Pinshaw, has lodged a prospectus to raise $40 million and list on the Australian Securities Exchange.
The US-based medical device company claims its "proven" product can treat sufferers of sleep apnea, a sleeping disorder.
Ventus is asking investors for $3 a share, with expectations the company will list on the ASX by the end of next month.
Ventus said its product had been accepted by the Australian Register of Therapeutic Goods last July, and had also received clearance from the US Food & Drug Administration.
Ventus's device is small and non-invasive and is attached to the patient's nostrils during sleep. The device uses a patented microvalve technology to keep airways open during sleep, reducing the obstruction that causes snoring and sleep apnea.
Two main shareholders from the US, De Novo Ventures II and Mohr Davidow Ventures, said they intended to take up $US6.2m ($6m) worth of shares.
In a letter to potential shareholders, Mr Pinshaw, who is also a former chairman of retail company Just Group, said: "Although an investment in Ventus Medical involves a number of risks and must be considered to be speculative, I believe this represents an excellent opportunity to participate in building what we believe will become a substantial, internationally competitive business for the treatment of obstructive sleeping apnea and snoring."
Founded in 2005 with headquarters in San Jose, California, the company focused on developing a disposable device for sufferers of sleeping disorders and snoring. The global market for sleep apnea therapeutic and diagnostic devices was estimated to have sales of about $US3.4 billion last year.
(source: http://www.theaustralian.com.au/business/markets/biotech-firm-ventu...)