(MENAFN- ProactiveInvestors - Australia) SomnoMed (ASX: SOM) has completed the purchase of the second largest oral appliance company in France, Orthosom, from Aliseo SAS.
Consideration for the deal was a cash payment of €300,000 (A$375,657) and the issue of shares in SomnoMed France, giving Aliseo a 35% shareholding.
Aliseo was also issued with a total of 464,395 shares, worth €300,000, in SomnoMed Limited.
Importantly, the acquisition is expected to speed up the market penetration of the company's SomnoDent® product line in France at a lower cost.
SomnoDent® is a clinically proven medical oral appliance therapy for obstructive sleep apnea. The device consists of two dental plates, which look similar to a sports mouth guard.
Orthosom has now been integrated into subsidiary SomnoMed France and will operate under the trading name of SomnoMed-Orthosom.
Aliseo SAS is now a 35% shareholder in SomnoMed France following completion of the deal.
SomnoMed launched its SomnoDent® product line in November at the Congrès de la SFRMS, French National Sleep Research Society Convention in Bordeaux.
The products received strong attention with over 150 practitioners registering their interest on the spot to try out the new range of SomnoDent® Classic, Flex and G2 products.
As a result sales development in France is likely to be at a pace in line or even above SomnoMed's original expectations.
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