NEW YORK, Oct. 26. 2016 /PRNewswire/ -- HealthpointCapital is pleased to announce that it has sold MicroDental Laboratories, a leading network of dental laboratories across North America, to Modern Dental Group Limited (SEHK: 3600), a global dental prosthetic device provider. The transaction closed on October 21, 2016.
ProSomnus Sleep Technologies, a former division of MicroDental, which develops and manufactures Oral Appliances for the treatment of Obstructive Sleep Apnea (OSA) was retained by HealthpointCapital due to its compelling investment opportunity.
More than 25 million people suffer from OSA in the U.S. and 100 million globally. The Oral Appliance Therapy (OAT) market represents a new and large patient demographic for dentists and allows them to offer an alternative to Continuous Positive Airway Pressure (CPAP) therapy. The global OSA market for therapeutic devices was estimated to be $4 billion at the end of 2015. The market is anticipated to grow to $6 billion by 2020, implying a five-year compound annual growth rate (CAGR) of 9%. With this profile, the OSA market is one of the fastest growing segments in the entire medical device industry.
Len Liptak has been named CEO and is an experienced dental industry leader with expertise operating and developing businesses driven by product innovation. He is surrounded by a strong leadership team including Mark. Murphy, DDS, FAGD as Lead Faculty, Jerry Vogel as Vice President of Sales, Dave Kuhns, PhD as Vice President of Technology, Sung Kim as Vice President of Engineering and Bob Starr as Chief Administration Officer all of whom have experience developing high quality products and driving growth in dental and medical device businesses.
"With an innovative product portfolio and a differentiated manufacturing approach, ProSomnus has a unique opportunity to partner with dentists to treat the more than 25 million adults suffering from Obstructive Sleep Apnea," commented Len Liptak, CEO of ProSomnus Sleep Technologies. "Our strategic partnership with HealthpointCapital enables us to accelerate plans to reduce the undiagnosed population and provide a less invasive treatment option for the population who have abandoned CPAP therapy."
ProSomnus is focused on commercializing device designs that are clinically relevant, creating treatment experiences that exceed the needs of the practicing sleep dentist, and supporting scientific research that further establishes dental sleep medicine as a viable therapy for OSA.
"HealthpointCapital is proud to work with the ProSomnus team in one of the most exciting, fastest growing segments in medical technology. We look forward to building a world class business that serves the needs of sleep professionals and their patients in treatment of Obstructive Sleep Apnea" Says Laing F. Rikkers, Managing Director HealthpointCapital and Chair of ProSomnus Sleep Technologies.
Media Contact: Laing Rikkers, 917-757-3343