• US physicians drive use of AVERT™ System in Peripheral Artery Disease (PAD) imaging procedures
• Addressable market size for PAD is nearly 500,000 procedures a year worth $US200 million
Minnesota, United States and Melbourne, Australia – August 4, 2014 – Osprey Medical Inc. (ASX: OSP) today announced that US physicians have helped OSP identify a potential new market for the AVERT™ System in Peripheral Artery Disease (PAD) imaging procedures.
PAD of the lower extremities is a common problem caused by the narrowing or blockage of vessels that carry blood to the legs and can result in severe pain and lead to life-threatening limb amputation if not diagnosed and treated. Common treatments involve opening narrowed or blocked arteries with balloon catheters and stents that are guided by X-ray imaging using contrast dye which is potentially harmful to the kidneys and can cause Contrast Induced Nephropathy (CIN). Physicians using AVERT™ in the United States identified an opportunity to use the system to control the infusion of dye for patients being treated for PAD.
Patients undergoing PAD procedures typically receive a significant dose of dye, often 150ml, due to the length of arteries in the leg and the prevalence of multiple narrowed or blocked arteries. Since the initial market launch of AVERTTM in Texas, there has already been significant AVERT™ System usage in PAD procedures with good success.
“Just as our AVERTTM System can help minimize contrast dye used in coronary heart procedures and protect them from the risk of CIN, it can also help patients who are having dye injected while undergoing treatment for PAD. Application of the AVERTTM System for PAD was led by physicians who are already using it for heart procedures and see its potential for use in a wider range of situations that involve the use of contrast dye,” Osprey President and CEO Mike McCormick says.
There are an estimated 950,000 lower extremity PAD interventional procedures in Western Europe and the US each year. It is estimated that half of all PAD patients undergoing a peripheral interventional procedure are at risk of acquiring CIN due to accompanying factors such as diabetes or chronic kidney disease. This represents an addressable market opportunity of 475,000 PAD procedures annually for Osprey’s AVERTTM System and $US200 million in potential revenue. The number of PAD procedures performed each year is expected to grow due to the high prevalence of diabetes in the western world, an ageing population, and the fact that PAD is under diagnosed and treated.
Additional information on the potential role of AVERT™ in PAD procedures can be found on Osprey’s website (http://www.ospreymed.com/products-international.php) by viewing the video of Dr. Steven Bailey, University of Texas Health Science Center, San Antonio, Texas. This is the 4th segment in a series of physician videos on Osprey’s website discussing a range of topics including the Incidence and Outcomes of CIN (David Lee, MD), AVERT Pilot Study Results (David Kaye, MD) and the AVERT IDE Trial (Roxana Mehran, MD).
Further information:
About the AVERT™ System
The AVERT™ System consists of a re-usable contrast modulator with easy to adjust settings. A disposable modulation reservoir easily loads into the contrast modulator unit and attaches to commonly used manual injection systems used by interventional cardiologists during heart procedures.
About Osprey Medical
Osprey Medical’s core technologies originated from research conducted by Dr David Kaye at Melbourne’s Baker IDI Heart and Diabetes Institute. Osprey is focused on improving patients’ quality of life by protecting those with chronic kidney disease from contrast induced nephropathy (CIN) and preventing limb amputation in diabetic patients with advanced foot infections. The Company’s primary product, the AVERT™ System, is designed to reduce the amount of dye (contrast) injected during commonly performed heart and PAD procedures, thus protecting kidneys from damaged known as contrast induced nephropathy (CIN). Osprey Medical’s Limb Recovery™ System is a percutaneous technology that allows physicians to deliver targeted doses of antibiotics to the lower limb in patients with diabetes suffering from advanced foot infections.
Osprey Medical’s Board and Management are comprised of experienced and successful personnel with established track records covering medical device development, regulatory approvals, sales and marketing, and mergers-acquisitions. Osprey Medical’s advisory board comprises world-recognised experts in heart and kidney diseases.
Contact details:
Media
Gavin Lower
Buchan Consulting
T:(613) 8866 1215
glower@buchanwe.com.au
Investors
Rebecca Wilson
Buchan Consulting
M:(61) 417 382 391
rwilson@buchanwe.co.au
Comapny
Doug Schoenberg
VP of Marketing
T: (952) 955 8230
dschoenberg@ospreymed.com
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