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Osprey Medical Inc. Packs $18 Million Cash After IPO


7/30/2012 8:28:30 AM

Minnesota, United States and Sydney, Australia – 30 July, 2012 – Osprey Medical (ASX: OSP) today released its Appendix 4C – Quarterly Cashflow report for the period ended 30 June 2012.

The cash balance at 30 June 2012 was $18.2m and the total operating and investing cash outflow for the quarter was $1.4m.

Announcements during the quarter included:

• Osprey Medical listed on the ASX on 2 May 2012 raising net proceeds of $19.2 million to fund the commercialization of the CINCOR Technology in Europe and the registration directed pivotal trial in the US.

• Neville Mitchell was appointed to the Board of Directors. Neville is the current CFO and Company Secretary at Cochlear.

• Osprey signed an agreement to receive a $1.1 million Victorian Government Grant through the Smart, Small and Medium Enterprises Market Validation Program to treat patients with infected diabetic limbs to prevent amputation using the CINCOR technology. The grant funds will be used to fund two clinical studies on safety and efficacy. Other activities during the quarter included:

• Enrolment in 45 patient CINCOR Marketing trial is now more than half completed and the results are expected in 4th quarter of 2012.

• There are six active hospitals in the 45 patient trial. The site selection process and the training methods for IDE sites have been validated.

• The Primary Investigator, Dr Gregg Stone, has been secured for the IDE trial. Dr Stone is a high profile cardiologist with extensive experience conducting large trials.

• Vic Fabano joined the senior management team as VP of Operations & Quality. MrFabano was previously the VP of Operations & Quality for Anulex Technologies.

Osprey Medical is now well positioned for a commercial launch of the CINCOR Technology in Germany and the completion of the European marketing trial in 2H 2012. In addition, Osprey is preparing for commencement of the US pivotal trial later this year.

About Osprey Medical

Osprey Medical’s CINCOR™ System originated from technology developed at Melbourne’s Baker IDI Heart and Diabetes Institute. Following successful clinical trials across 6 sites in Australia, New Zealand and Europe, Osprey Medical obtained CE Mark approval 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 is 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 disease.


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