- Oventus Medical (OVN) has been granted U.S. medicare reimbursement approval for its O2Vent Optima device
- Oventus specialises in oral devices that help people who suffer from Obstructive Sleep Apnoea
- In the U.S. alone, only one-fifth of sufferers have been diagnosed and treated
- This is a huge milestone for people in the U.S. who, without the medicare program, may not be able to seek treatment
- Oventus is up a healthy 19.6 per cent with shares trading for 55 cents each
Oventus Medical (OVN) has been granted U.S. medicare reimbursement approval for O2Vent Optima.
The medical device company was notified of the approval by the Pricing, Analysis and Coding (PDAC) contractors which support The Centers for Medicare and Medicaid Services (CMS) in the U.S.
PDAC approval removes the barriers for physicians who prescribe and enables dentists to deliver O2Vent Optima to patients regardless of their financial situation.
This marks an important milestone for the company that will further support O2Vent Optima.
It also means people in the U.S. who suffer from Obstructive Sleep Apnoea (OSA) will have better access to treatment.
"It means that patients accessing government-funded healthcare in the US can now access our treatment which has been proven to have exceptional efficacy," CEO Dr Chris Hart said.
"It opens up a whole market that may not have previously been able to afford our treatment and we expect further increased demand for our ‘lab in lab’ model as a result," Chris added.
As of 2019, 64 million out of 330 million in the U.S. are enrolled in the Medicare system.
Unfortunately, it is estimated that out of 30 million OSA sufferers, only six million have been diagnosed and treated.
OSA is characterised by complete or partial obstructions of the upper airway during sleep, which causes nasal congestion, obstruction and mouth breathing.
Oventus has manufactured a number of O2Vent devices which allow for airflow to reach the back of the mouth to bypass obstructions from the nose, soft palate and tongue.
O2Vent Optima is the company's latest device. It is 3D printed with durable nylon, and each device is customised to fit each unique individual.
Oventus was actually only granted FDA approval for the Optima device in September 2019, which is a further testament to the potential outcomes for patients.
Oventus is up a healthy 19.6 per cent with shares trading for 55 cents each at 2:10 pm AEDT.