Chronic kidney disease player Osprey Medical nabs $17M+

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.

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.