Minnesota, United States and Melbourne, Australia – May 2, 2012 – Osprey Medical today announced that it has successfully listed on the ASX, under the ticker “OSP”. The stock has listed at a premium, gaining 5% in early trading on the ASX this morning.
“We have had strong support for the $20 Million IPO raising from institutional and retail investors in Australia and the ASX listing is an important milestone for the Company,” said Mr Mike McCormick, President and CEO of Osprey Medical.
The IPO was underwritten by Shaw Corporate Finance.
The funds raised in the Offer will be used to:
- conduct a pivotal clinical trial and seek US FDA clearance;
- undertake a controlled market launch of the CINCORTM System in Europe;
- further develop the CINCORTM platform technologies for additional applications;
- conduct a medico-economic study to assist in both market adoption and reimbursement coding for the CINCORTM System; and
- provide ongoing working capital.
The CINCORTM System has CE Mark approval with a controlled market launch planned to commence in the European market in 2012. Osprey Medical also plans to start a US registration directed pivotal clinical trial in 2012 and is aiming for FDA approval and US launch of the CINCORTM System in 2014.
“We are very excited about the commercial prospects for our lead product, the CINCORTM System and we believe that it has an important role to play in both improving patient outcomes and in reducing expenses in the healthcare system,” said Mr McCormick. “With the success of the IPO, we are now very strongly placed for our pivotal clinical trial in the US and the commercialisation of the CINCORTM System, initially in Germany and the Netherlands.”
Osprey Medical Chairman John Erb added: “The support for our IPO and listing on the ASX is testament to the Australian investor appetite for more advanced healthcare companies. Our foundations are in Australia and it is very pleasing that we received such strong support from institutional and retail investors for our listing on the ASX.”
About Contrast Induced Nephropathy (CIN)
Contrast Induced Nephropathy (CIN) is a form of kidney damage caused by the toxic effects of dyes (contrast) used by cardiologists to x-ray the heart and blood vessels during commonly performed heart procedures such as angioplasty and stenting. The dye is toxic and can reduce the blood flow in kidneys, which can lead to kidney cell death and serious patient complications.
About CINCORTM System
The CINCOR™ System is designed to provide cardiologists with an advanced level of CIN protection in high-risk patients undergoing heart procedures such as angioplasty and stenting.
The CINCOR™ System is a catheter and vacuum system that is designed to directly capture and remove a significant quantity of the dye as it leaves the coronary sinus (the heart’s main drainage vein) before it makes its way to the kidneys.
Key CINCOR™ System Objectives:
- Remove toxic dye used in heart procedures
- Save patients’ lives
- Improve patient outcomes
- Provide opportunity for best patient care
- Save money for hospitals and payers
- Become the accepted standard of care for CIN prevention
About Osprey Medical
Osprey Medical is a late stage medical device company and its lead product, the CINCORTM System is used in heart procedures, such as angioplasty and stenting, to remove dye from the heart before it reaches the kidneys.
Osprey Medical’s CINCOR™ System originated from technology developed at Melbourne’s Baker IDI Heart and Diabetes Institute. Osprey Medical has been funded to date by Australian institutional funds managed by CM Capital Investments, Brisbane and Brandon Capital Partners, Melbourne and other Australian sophisticated or professional investors.
Following successful clinical trials across 6 sites in Australia, New Zealand and Europe, Osprey Medical obtained CE Mark and plans to commence a controlled market launch of the CINCOR™ System in Europe in 2012.
Osprey Medical has also obtained approval from the FDA in the US to conduct a registration-directed pivotal trial which is planned in 2012 and aims to obtain FDA approval to enable a US market launch of the CINCOR™ System in 2014.
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 and acquisitions. Osprey Medical’s advisory board comprises world-recognised experts in heart and kidney disease.
For further information, please contact:
T: (613) 9866 4722
M: (613) 417 382 391
VP of Marketing, Education & Reimbursement
T: (952) 955 8234
M: (763) 258 7537