ASX Limited Confirms Quotation Date for Osprey Medical Inc. as 2 May 2012
Osprey Medical has raised A$20 million through its initial public offer (IPO) which was well supported by institutional and retail investors in Australia, including founding investors CM Capital and Brandon Capital Partners. The IPO was underwritten by Shaw Corporate Finance.
The funds raised through the IPO 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.
Osprey Medical is a late stage medical device company and its lead product, the CINCORTM System is used to capture and remove a significant quantity of the dye that is injected into the heart during routine heart procedures (such as angioplasty and stenting). The dye enables the heart to be x-rayed in real time but, as it can cause kidney damage or acute kidney injury, it is desirable to remove the dye as it leaves the heart and before it reaches the kidneys.
The use of the CINCOR™ System is particularly focused on patients with chronic kidney disease. The technology was developed at the Baker IDI Heart and Diabetes Institute in Australia.
For further information, please contact:
Haley Price
Buchan Consulting
T: (613) 9866 4722
M: (613) 0423 139 163
Doug Schoenberg
VP of Marketing, Education & Reimbursement
T: (952) 955 8234
M: (763) 258 7537