Osprey Medical, a Minnesota company committed to protecting patients from the harmful effects of contrast dye, raised $14M USD of development capital in Q1 of 2015 on the Australian Stock Exchange (ASX).
Mike McCormick, President and CEO of Osprey Medical, became acutely aware of the need for technology that would reduce the amount of dye used in angiographic procedures after he lost his father-in-law to a contrast dye event. These routine procedures can result in death of up to 20% of patients who develop contrast-induced acute kidney injury.
McCormick is proud to say they have the only FDA-approved system to reduce the amount of contrast media required in heart procedures without impacting image quality. In March of 2015 they raised $14M USD to generate data to expand marketing claims and initiate US sales for the device.
“Although our technology came from Australia, we were always headquartered in the US with 19 full-time employees in Minnesota.” commented McCormick. However, he is quick to acknowledge that both Australia and Minnesota have offered benefits to Osprey.
“In Minnesota we have access to engineering talent, quality suppliers, and a wealth of service providers that allow us to operate virtually. In Australia, we had a syndicate of VC investors and in 2012 we went public on the ASX which has been a great funding source for Osprey to get through early clinical and early commercialization efforts.”
In regard to advice for other entrepreneurs, McCormick offers “First and foremost, focus on patient benefit and generating tier one scientific evidence that supports those patient benefits. If you do that, funding will follow.”
View the 2015 Annual Investment Report