Osprey Medical Inc (ASX:OSP) has raised $10 million via a private placement to Allan Gray, a leading South Africa based investment management firm.
In addition to the placement, Osprey is offering existing holders of CDIs in Australia, New Zealand, Hong Kong and Singapore the opportunity to participate in a pro-rata non-renounceable entitlement offer.
Eligible holders will have the opportunity to subscribe for one new CDI for every five CDIs held by them at an offer price of 15.5 cents per CDI.
Osprey is aiming to raise a maximum of about $10.5 million from the entitlement offer.
Osprey is focused on protecting patients from the harmful effects of X-ray dye (contrast) used during commonly performed angiographic imaging procedures.
The company’s DyeVert™ System reduces contrast while maintaining image quality in a self-adjusting easy-to-use design.
Quarterly DyeVert sales
In July 2018, Osprey revealed three contracts with leading GPOs (group purchasing organisation) in the US covering around 10% of the addressable market for Osprey’s DyeVert products.
GPOs represent some of the largest networks of hospitals and healthcare providers in the US.
In October 2018, Osprey received an award from Premier, Inc., one of the largest GPOs in the US.