Chronic kidney disease player Osprey Medical nabs $17M+

The DyeVert Plus system tracks how much contrast dye is used for each image and tells physicians when they have met a preset threshold. (Osprey Medical)

Osprey Medical has raised AU$22.2 million ($17.5 million) to boost its sales programs in the U.S. and Germany, fuel pipeline R&D and support clinical studies of its system that makes a heart procedure safer for patients with chronic kidney disease (CKD).

Coronary angiography is used to determine if, and to what extent, a patient’s coronary arteries are narrowed or blocked. It involves administering a contrast dye via catheter and taking X-rays of the heart as the fluid travels through the arteries.

While contrast dyes tend not to cause problems, they can lead to kidney damage in people with diabetes, a history of heart and blood disease or CKD, according to the National Kidney Foundation. Osprey Medical aims to make coronary angiography safer for CKD patients by reducing the dose of contrast given to patients.


Like this story? Subscribe to FierceBiotech!

Biopharma is a fast-growing world where big ideas come along every day. Our subscribers rely on FierceBiotech as their must-read source for the latest news, analysis and data in the world of biotech and pharma R&D. Sign up today to get biotech news and updates delivered to your inbox and read on the go.

The Minnetonka, Minnesota-based company markets the DyeVert Plus device, a contrast-monitoring system designed to minimize the amount of dye used in the procedure without sacrificing image quality. It tracks the volume of dye used in each injection and for each image, keeping count of the total amount used. This can reduce the amount of dye used by up to 40%, the company said.

The DyeVert Plus Contrast Reduction System earned FDA clearance in March this year, and bagged a CE mark in 2016.

Osprey raised AU$22.2 million ($17.5 million) from an offering of CHESS depository interests (CDIs) and is looking to raise an additional AU$10.3 million ($8.1 million) in an entitlement offer. The company plans to expand its U.S. sales team, with a focus on areas with higher rates of acute kidney injury and launch a pilot sales program in Germany.

Milford, Massachusetts-based RenalGuard has the same mission, but is handling it a different way. The company picked up $14.5 million earlier this year to bankroll the pivotal trial of its device, which protects the kidneys by increasing urinary output and flushing out the contrast dyes before they can do too much damage.

Suggested Articles

Janssen is planning its first completely virtual clinical trial, using personal smartphones and wearable devices with no in-person site visits.

Sensyne Health aims to bring its AI tools to America, and it’s enlisting IT giant Cognizant and data infrastructure specialist Agorai to help.

Californian RNA biotech Arrowhead will lose its COO and R&D head from next year but is hiring a new CMO and CSO to help steady its research exec team.