Osprey Medical Inc. receives A$1.1 million Victorian Government Grant

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Posted: 2012-07-04 in Press Releases

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Osprey Medical Inc. receives A$1.1 million Victorian Government Grant for its Diabetic Limb Perfusion Technology

• Osprey Medical Inc. is a late stage medical device company and its lead product, the CINCOR™ System is designed to reduce kidney injury from x-ray dyes used during common heart procedures such as stenting and angioplasty
• The Limb Recovery System leverages the company’s core technology to permit clinicians to use antibiotic treatment in a more targeted and aggressive manner in diabetic patients who present with life or limb threatening foot infections
• Together with the Royal Melbourne Hospital (Melbourne Health), Osprey Medical has received a grant to conduct a clinical study of the delivery of high dose antibiotics to the lower limb of patients with diabetes.

Minnesota, United States and Melbourne, Australia – July 4, 2012 – Osprey Medical Inc. (ASX: OSP) today announced that it has received a A$1.1 million grant from the Victorian Government’s Market Validation Program (MVP) to conduct a first-in-man clinical study on its percutaneous limb perfusion technology. This technology enables the localised delivery of high dose antibiotics to the lower limb in patients with diabetes who present with life or limb threatening foot infections.

Osprey Medical’s Limb Recovery System leverages the company’s core CINCOR™ technology and permits clinicians to use existing antibiotic therapies in a more targeted and aggressive manner.  Osprey Medical’s Limb Recovery System was originally developed by Professor David Kaye and Dr Melissa Byrne and their pre-clinical research team at the Baker IDI Heart and Diabetes Institute in Melbourne.  This unique Limb Recovery System enables the circulation of the limb to be isolated and separated from the general circulatory system, which permits the delivery of antibiotic drugs at high doses that are otherwise unachievable with standard care.  This is achieved by creating an ‘artificial’ circuit by inserting catheters into the major artery and vein of the lower limb are the leading cause of amputations globally; thus, leading to increased rates of hospitalisation and higher healthcare costs throughout the developed world.

Mike McCormick, President and CEO of Osprey Medical, said: “The funds from the Market Validation Program will allow us to conduct a two part, sequential human clinical study for our technology.  The first part will be a pilot clinical study involving five patients to evaluate the safety and tolerability of Osprey’s Limb Recovery System.  The second part will be a randomised clinical outcomes study in 20 patients comparing the effectiveness of our approach with standard dose intravenous delivery of antibiotic therapy.”

Osprey Medical will partner with the Royal Melbourne Hospitals’ Diabetic Foot Unit for the two year study.  Head of the Diabetic Foot Unit, Associate Professor Dr Paul Wraight, said: “We look forward to working with Osprey Medical to conduct this first-in-man clinical study for a significant problem where treatment options can narrow quickly.”