Osprey Medical Inc. Placement Completed
Minnesota, United States and Melbourne, Australia – 8 November 2013 – Osprey Medical (ASX: OSP) (Osprey Medical or the Company) announced on 23 October 2013 that 19,015,384 CDIs (equivalent to 9,507,692 Shares) had been issued and allotted under its A$14 million private placement with international and domestic institutions and accredited and sophisticated investors (Placement), with settlement, issuing and allotment of the balance of the Placement scheduled for completion ‘in or before early November 2013’. The Company is pleased to confirm today the settlement, issuing and allotment of a further 2,523,078 CHESS Depositary Interests (CDIs) (equivalent to 1,261,539 shares of common stock (Shares)) under the Placement.
Appendix 3B
Details of the 2,523,078 CDIs allotted today under the Placement are provided in a separate Appendix 3B.
Information disclosed under Listing Rules 3.10.5A and 7.1A.4(b)
The Company provided details in accordance with ASX Listing Rules 3.10.5A and 7.1A.4(b) with respect to the allotment of 21,538,462 CDIs under the A$14 million Placement on 23 October 2013.
Further information:
About the AVERT™ System
AVERT™ System, a re--usable contrast modulator with easy to adjust settings to accommodate the different types of contrast dyes. The disposable modulation reservoir easily loads into the contrast modulator unit and attaches to commonly used manual injection systems used by interventional cardiologists during heart procedures. Osprey received its FDA clearance for a marketing claim of “controlled infusion of dye”. The Company is currently conducting a pivotal trial with the aim of expanding its marketing claim to include the “reduction of Contrast Induced Nephropathy (CIN)”.
About Osprey
Osprey Medical's core technologies originated from research conducted by Dr David Kaye at Melbourne’s Baker IDI Heart and Diabetes Institute. Osprey is focused on improving patients’ quality of life by protecting those with chronic kidney disease from contrast induced nephropathy (CIN) and preventing limb amputation in diabetic patients with advanced foot infections. The Company’s primary product, The AVERT™ System, is designed to reduce the amount of dye (contrast) injected during commonly performed heart procedures, thus protecting kidneys from damaged known as contrast induced nephropathy (CIN). Osprey Medical’s Limb Recovery™ System is a percutaneous technology that allows physicians to deliver targeted doses of antibiotics to the lower limb in patients with diabetes suffering from advanced foot infections.
Osprey Medical’s Board and Management are comprised of experienced and successful personnel with established track records covering medical device development, regulatory approvals, sales and marketing, and mergers--acquisitions. Osprey Medical’s advisory board comprises world--recognised experts in heart and kidney diseases.
Forward--Looking Statements
This announcement contains or may contain forward--looking statements that are based on management’s beliefs, assumptions and expectations and on information currently available to management. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward--looking statements, including without limitation our expectations with respect to our ability to commercialize our AVERT™ System including our estimates of potential revenues, costs, profitability and financial performance; our ability to develop and commercialize new products including our ability to obtain reimbursement for our products; our expectations with respect to our clinical trials, including enrolment in or completion of our clinical trials and our associated regulatory submissions and approvals; our expectations with respect to the integrity or capabilities of our intellectual property position. Management believes that these forward--looking statements are reasonable as and when made. You should not place undue reliance on forward--looking statements because they speak only as of the date when made. Osprey does not assume any obligation to publicly update or revise any forward--looking statements, whether as a result of new information, future events or otherwise. Osprey may not actually achieve the plans, projections or expectations disclosed in forward--looking statements, and actual results, developments or events could differ materially from those disclosed in the forward--looking statements.
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