Sleep disorder device manufacturer and developer Oventus has launched a fully underwritten initial public offering (IPO) to raise $12 million.

Oventus is offering 24 million shares to be listed on the Australian Securities Exchange at $0.50 a share.

The company has developed an oral appliance for the treatment of obstructive sleep apnea (OSA) and snoring that incorporates an airway to bypass nasal, soft palate and tongue obstructions. The O2Vent device and its airway provides patients with a new option to current devices.

Oventus’ mission is to be a global leader in the treatment of OSA with an initial focus on those who cannot, or are not, treated effectively with existing treatments.

“We are pleased to invite investors to join with Oventus as we embark on an exciting development program and help address a significant health and lifestyle issue for millions of people around the world,” chairman Mel Bridges says in a release.

Funds raised under the IPO will be used to continue the commercialization and distribution of this device in Australia, develop additional devices, as well as commence expansion into other jurisdictions.

The IPO is being led and underwritten by Bell Potter Securities.

The offer of shares in Oventus is made in a Prospectus lodged with the Australian Securities and Investments Commission (ASIC) on June 8, 2016. Copies of the Prospectus are available online.