PROSOMNUS INC - OSAP STOCK NEWS

ProSomnus has contributed two scientific abstracts for presentation at SLEEP 2024, a conference hosted by the American Academy of Sleep Medicine and the Sleep Research Society from June 1-5 in Houston, TX. The first abstract (ID 1262) examines the clinical performance of a novel oral appliance therapy (OAT) device made from USP Class VI material. Data from 91 patients showed that 98% of mild and moderate OSA cases were successfully treated to an AHI < 10 events per hour, with no material-related side effects. The second abstract (ID 0606) reviews post-market surveillance from 10,880 patients and 646 providers over 60 months, indicating high satisfaction rates: 99% of patients and 98% of providers reported satisfaction with the device. CEO Len Liptak highlighted the increasing need for non-CPAP OSA therapies and the importance of these scientific studies in establishing the clinical safety and performance of ProSomnus's precision OAT devices.

ProSomnus announced a 28% year-over-year revenue growth for Q1 2024, reaching $7.5 million compared to $5.8 million in Q1 2023. This growth is one of the highest in sleep medicine. The company maintained a 99% on-time delivery rate and plans to complete final clinical testing of its RPMO2 remote patient monitoring device before FDA submission in June 2024. Despite voluntary restructuring under Chapter 11 on May 7, 2024, ProSomnus will continue normal operations, aiming to secure $20 million in new capital and reduce debt by 60%. The restructuring is expected to transition the company back to private ownership.

ProSomnus, Inc. contributed two scientific abstracts accepted for presentation at the 2024 American Academy of Dental Sleep Medicine Annual Meeting. The first abstract analyzed data from clinical studies to show the efficacy of oral appliance therapy in treating obstructive sleep apnea. The second abstract demonstrated that devices made from medical grade class VI material had significantly lower staining than other devices, indicating better patient safety. ProSomnus aims to provide non-CPAP treatment options for OSA patients who cannot tolerate CPAP therapy.

ProSomnus, Inc. announced that four scientific abstracts at the 2024 AADSM Annual Meeting featured data utilizing ProSomnus precision devices. One abstract won the Clinical Excellence Award, another included over 1,200 patients. The studies highlighted the effectiveness of ProSomnus devices in treating obstructive sleep apnea, showcasing patient preference and safety. ProSomnus devices offer a non-CPAP treatment option with high adherence rates and insurance coverage.

ProSomnus, Inc. announces a $20 million new financing plan to support daily operations, restructuring, and strategic initiatives. The company has entered into Chapter 11 restructuring process to reduce debt, go private, and enhance long-term success. This move will have minimal operational impact, allowing the company to continue serving customers and developing products.