Open Airway Dental Solutions Ltd (OADS), a Canadian medical technology company involved in the marketing and distribution of sleep dentistry-related products, acquired Australia-based oral appliance maker Oventus Medical Ltd on Jan 31 for AUD $500,000.
In June 2022, Oventus was placed under voluntary administration, a legal procedure in Australia similar to bankruptcy in the United States. This led the company to halt oral appliance orders, lay off employees, and initiate a search for either a potential buyer or recapitalization options.
Several months later, in November 2022, Oventus solidified its ties with OADS by entering into a Canadian distribution agreement. In this agreement, Oventus appointed OADS as the exclusive wholesale distributor of Oventus products in Canada. Products subject to the agreement were the O2Vent Optima, O2Vent Optima Mini, ExVent Multipack (Titration), ExVent Annual Resupply Packs, Oventus Connector Bands, and Oventus Bite Fork.
However, by Jan 20, 2023, Grant Thornton Australia Ltd, previously appointed as Oventus’ joint and several voluntary administrators, released a notice informing creditors that Oventus had entered into liquidation. The administrators were tasked with locating the company’s assets, investigating its affairs, reporting to the Australian Securities and Investments Commission, and, contingent on the availability of funds, settling debts owed to creditors.
The subsequent acquisition of Oventus by OADS included all intellectual property owned by Oventus Medical and Oventus Manufacturing. This encompassed a worldwide portfolio of patents and trademarks. Following this acquisition, Oventus was rebranded as OADS, and OADS is now expanding its operations to serve sleep patients and sleep medicine professionals globally, as indicated on Oventus’ website.