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The oldest known fossils of bony fish are about 420 million years ago, which are also transitional fossil, showing a tooth pattern that is in between the tooth rows of sharks and bony fishes.
Bony fishes continued to evolve after the Devonian period.
All bony fish possess gills. For the majority this is their sole or main means of respiration. Lungfish and other osteichthyan species are capable of respiration through lungs or vascularized swim bladders. Other species can respire through their skin, intestines, and/or stomach.