Somnomed placement closes early and oversubscribed

Sleep apnoea and snoring device company Somnomed has closed its oversubscribed placement a week early, ahead of an expected float on August 27, 2004.

CEO John Diddams said the company was very pleased with the response, which saw AUD$12 million raised.

He noted that the early closing of the placement would not affect the expected float date.

The company, which manufactures a customised mandibular advancement splint used to prevent snoring and mild to moderate sleep apnoea, will use the funds to expand their production facilities to an initial capacity of 500 devices annually, and to establish accreditation programs for dentists, who will prescribe and fit the devices to patients.

Somnomed's sleep medicine pedigree is strong, with ResMed's former general manager for the Asia Pacific region Rischeh Kumarasinghe on the board of directors, and ResMed founder Colin Sullivan on the medical advisory board.