- Medical device manufacturer Osprey Medical (OSP) has struck a deal to have its tech distributed and sold in Australia and New Zealand for the first time
- Osprey signed the three-year deal with Regional Health Care Group (RHCG), which has been distributing medical products for over 40 years
- Under today's agreement, RHCG will exclusively distribute Osprey's DyeVert tech across Australia and New Zealand
- The DyeVert tech is designed to reduce the amount of medical dye used in heart imaging procedures, reducing the risk of kidney injury
- Osprey says it's the only Food and Drug Administration (FDA)-approved device of its kind
- Shares in Osprey are currently up just over four per cent and worth 2.5 cents each
Osprey Medical (OSP) has struck a deal to have its tech distributed and sold in Australia and New Zealand for the first time.
Osprey signed the three-year deal with Regional Health Care Group (RHCG), under which RHCG will exclusively distribute Osprey's products across the two countries.
Though Osprey's tech originated out of Australia, the United States has been the company's key market until this year. Today's RHCG deal goes hand-in-hand with the major distribution signed between Osprey and global medical giant GE Healthcare in late-July.
The GE Healthcare deal means Osprey's tech will be distributed in Russia, the Middle Eady, Africa, Central Asia, and Turkey.
Unique kidney protection
Osprey's tech is designed to reduce the amount of medical dye, referred to as contrast, used in heart imaging procedures.
The company says this DyeVert product is the only U.S. Food and Drug Administration (FDA)-approved device of its kind.
The dye used in medical heart imagining procedures can cause a condition known as contrast-induced acute kidney injury (CI-AKI) when used on patients with chronic kidney disease (CKD).
CI-AKI can cause a loss of kidney function and, in some cases, complete kidney failure and death. According to Osprey, roughly one in four patients presenting for heart procedures are at risk of having a CI-AKI event.
Thus, the Osprey DyeVert device's ability to reduce the amount of dye used in these procedures by 40 per cent is no small feat. The less dye used in a procedure, the lower the risk of contrast-induced AKI.
The RHCG deal
Osprey said RHCG has been distributing medical products across Australia and New Zealand for 40 years and has particular experience in the cardiology and imaging sectors.
The DyeVert tech will now be included in RHCG's offering of over 1200 devices.
Osprey President and CEO Mike McCormick said the company is excited by the new RHCG deal.
"Our technology originates from Australia and it has been a long-held desire to offer it to Australian healthcare professionals," Mike said.
"This agreement is the first step in addressing the rising issue of CI-AKI as a result of heart imaging procedures in patients with CKD," he said.
RHCG General Manager Stephen Doorey shared similar sentiments.
"We are excited about the DyeVert technology and the impact it will have on reducing the numbers of CKD patients with CI-AKI and ultimately reduce the cost of these patients on hospitals across Australia and NZ," Stephen said.
Shareholders seem impressed with today's news, with Osprey shares climbing almost 10 per cent in the first few minutes of trade. Since then, the win has been pared back to 4.17 per cent, with OSP shares currently worth 2.5 cents each at 11:24 am AEST.