Updated on 6 September 2012
(L-R) Non-Executive Director Mr Chris Nave, Non-Executive Chariman Mr John Erb, President and CEO Mr Mike McCormick and Non-Executive Director Mr Mark Harvey of Osprey Medical
Contrast induced nephropathy (CIN) is a form of kidney damage caused by the toxic effects of dyes (contrast) used by cardiologists during X-ray of heart and blood vessels for commonly performed heart procedures, such as angioplasty and stenting. The dye is toxic and can reduce blood flow in kidneys, which can lead to kidney cell death and serious complications.
CINCOR System removes this toxic dye used in heart procedures, improves patient outcomes and saves money for hospitals and payers. And Osprey Medical was formed in 2005 in the US to focus on the development and commercialization of the system.
The system was developed by Dr David Kaye, head of Cardiology and Therapeutics Division at the Baker Heart and Diabetes Institute in Melbourne, Australia, to provide cardiologists with an advanced level of CIN protection in high-risk patients undergoing heart procedures. "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," explains Dr Kaye.
Osprey Medical has been funded by Australian institutional funds managed by CM Capital Investments, CM Capital Partners and other Australian professional investors. On May 2, 2012, Osprey Medical completed its initial public offering (IPO) of CDIs (CHESS Depositary Interests) and began trading on the Australian Securities Exchange under the symbol OSP and has successfully raised $20.5 million.
The company has a clear strategy that the funds raised in the IPO will be used to conduct a pivotal clinical trial and seek US FDA clearance, to further develop the CINCOR platform technologies for additional applications, to conduct a medico-economic study to assist in both market adoption and reimbursement coding for the CINCOR System.