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Sleep Apnea Therapy Specialist ProSomnus to be Listed on NASDAQ Through Merger with SPAC.

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MANews-(C)2009-2022

California-based obstructive sleep apnea treatment developer ProSomnus Holdings Inc and US-based blank check company Lakeshore Acquisition I Corp. (NASDAQ: LAAA) have entered into a definitive business combination agreement, the companies said.

Upon closing, the combined company is expected to change its name to ProSomnus, Inc. and its class A common stock is expected to be traded on the NASDAQ Capital Market under the symbol "OSA."

ProSomnus is in precision, mass-customized oral appliance therapy devices to treat obstructive sleep apnea.

Precision oral appliance therapy is a new option for treating obstructive sleep apnea, where each ProSomnus device is highly personalized and digitally manufactured to match the anatomy and treatment plan for each patient.

ProSomnus said its devices are the only oral appliance therapy devices to demonstrate efficacy on par with CPAP for mild to moderate obstructive sleep apnea and adherence that exceeds the recommended seven hours of sleep per night.

Additionally, clinical investigations have shown a mitigation of common dental side effects, better economics for payers and providers, and patient preference over predicate devices.

With more than 150,000 devices prescribed, patients report that ProSomnus's patented devices are more comfortable, easier to use and less invasive than CPAP therapy and traditional oral appliance therapy devices.

ProSomnus devices cost approximately 2.3 times less than CPAP over a three-year period and an estimated 20 times less than hypoglossal nerve stimulation. ProSomnus devices are authorized by the Department of Defense and the US Army.

Under the deal, Lakeshore will acquire ProSomnus for USD 125m (including the assumption of USD 13m of debt that will be paid off at closing).

In connection with the transaction, Lakeshore will issue approximately 11m newly issued shares to current stockholders of ProSomnus (subject to the actual amount of net debt outstanding, at closing)...

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