Osprey Medical completes $20m IPO

Osprey Medical (ASX:OSP) has successfully completed a $20 million IPO and public listing on the ASX.

The company floated 60 million CDIs at an offer price of $0.40 per share during the underwritten IPO, which was first announced early last month.

The stock then gained 5% in early trading on Wednesday, its debut day on the ASX, to an offer price of $0.420 per share.

Osprey Medical is headquartered in Colorado, USA, but is commercialising a product originating from research at Melbourne's Baker IDI Heart and Diabetes Institute.

The product, CINCOR System, is a catheter and vacuum system designed to be used in heart procedures.

The system extracts most of the dye used by cardiologists during health and blood vessel x-rays, before it reaches the kidneys.

This reduces the risk of patients succumbing to Contrast Induced Nephrophathy (CIN), a form of kidney damage caused by the toxic effects of the dye.

The company has revealed plans to use part of the proceeds from the IPO to help undertake a controlled market launch of the CINCOR System in Europe.

The funds will also be used to conduct a clinical trial to help its application to the FDA for clearance to launch in the US. Osprey Medical aims to launch the product in the US in 2014.

Osprey Mediaal (ASX:ACG) shares were unchanged from the $0.420 offer price as of 3:30pm on Wednesday.