Osprey Medical completes $20m ASX IPO

Medical device company Osprey Medical (ASX:OSP) has closed its IPO on the ASX, raising $20 million.

The company raised the funds through an offer of 50 million CDIs at $0.40 each, giving the company an indicative market capitalisation of $40.4 million based on offer price.

Osprey Medical's listing on the ASX still remains subject to the company satisfying all the ASX listing conditions.

US-headquartered Osprey Medical is commercialising a catheter and vacuum system designed for use in heart procedures.

This product, CINCOR, is based on technology developed by Melbourne's Baker IDI Heart and Diabetes Institute.

The CINCOR system is designed to extract most of the dye used by cardiologists in heart and blood vessel x-rays before it can reach the kidneys, thus reducing the risk of kidney damage through Contrast Induced Nephropathy (CIN).

Around 25% of patients undergoing angioplasty and stenting are at risk of kidney damage through CIN, and around one in five of these end up with CIN.

Osprey Medical first announced the IPO last month, revealing plans to use the proceeds for the European launch of CINCOR, clinical trials and an FDA application to launch it in the US by 2014.

The company will also put part of the funds towards developing technologies used in the CINCOR platform for additional potential applications.