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As per reports, it has been revealed that the medical device developer Osprey Medical has raised $20 million for their initial public offer (IPO). It is said that they met their target by offering 50 million CHESS Depository Interests
(CDIs) to its investors.
Chief Executive Mike McCormick was of the view that the raised funds will help them to continue with their important clinical trial that is going in the US. He further affirmed that the treatment will help them to start with the commercialization of their CINCOR System in two countries and those being Germany and Netherlands.
“The successful completion of this raise enables us to rapidly move forward with our pivotal clinical trial in the US and also to commence commercialization of the CINCOR System in Germany and the Netherlands”, said Mike.
Mike said that the CINCOR is their main product, which is used to reduce the risk of kidney damage that occurs due to dyes that are being used in the heart surgery procedures. He explained that their system is used in heart surgeries like angioplasty and in stent procedures.
Their device effectively takes out dye from the heart, so that it does not affects kidney. The dye can cause severe allergies as well can lead to renal failure and one in five cases suffer from contrast induced nephropathy (CIN), that occurs due to it. CIN is eon of the types of kidney damage and occurs due to the use of intoxicated dye in heart surgeries. In severe cases, one can even lose their life.
He further affirmed that he would like to thank their investors and promised that they will have quite a busy year, as they are expanding their business in Europe and the US.