Osprey Medical Inc (ASX:OSP) has successfully completed its fully underwritten, non-renounceable entitlement offer to raise circa $10.3 million.
The company has now raised a total of $32.5 million through the entitlement offer and a placement offer, which will be used to support its promising growth trajectory.
Osprey is a U.S. based company focused on protecting patients from the harmful effects of X-ray dye (contrast) used during commonly performed angiographic imaging procedures.
The company obtained European Regulatory approval, TGA approval, and U.S. FDA clearance for its AVERT™, AVERT Plus and DyeVert™ System after successful clinical trials.
Osprey’s products are designed to reduce the amount of dye injected into patients during standard cardiovascular and peripheral procedures (angiogram and stenting).
It is worth noting that circa 25% of patients undergoing such procedures have pre-existing kidney diseases and are at a high risk of further kidney damage.
DyeVert™ System is a next-generation product that reduces contrast while maintaining image quality in a self-adjusting, easy-to-use design.
The company’s sales activity continues to gain momentum as it accelerates the commercialisation of the DyeVert™ and DyeVert™ Plus Systems in the U.S.
The company’s patent portfolio comprises of 10 issued U.S. patents, 14 issued international patents and 15 pending U.S. patent applications.