Medtech company Osprey Medical (ASX: OSP) has significantly increased its global distribution network having secured distribution of their kidney imaging portfolio by partnering with global giant GE Healthcare.
Under the 4-year agreement, GE will commercialise Osprey’s DyeVert portfolio which reduces the amount of contrast that reaches the kidney for imaging, and will assist medical professionals with a platform that addresses Acute Kidney Injury (AKI) following angiograms in patients with Chronic Kidney Disease (CKD).
Distribution regions the agreement include Europe, Russia, Middle East, Africa, Central Asia and Turkey.
“We are pleased to be partnering with GE Healthcare to commercialize our products in global markets to address the rising problem of AKI following heart imaging procedures in patients with poor kidney function,” said Osprey President and CEO, Mike McCormick.
With the impact of AKI ranging from minor loss of kidney function to complete kidney failure, one in four angiography patients present with CKD and for them, the risk of developing AKI is a serious concern for hospitals.
Being the only FDA approved medical device that is indicated for reducing patient contrast exposure, DyeVert allows healthcare providers to monitor cumulative dye dose specific to each patient’s kidney function determined prior to the procedure.
As a global leader in pharmaceutical diagnostics, GE Healthcare develops and supplies imaging products used in more than 90 million medical procedures annually. Their range of products include iodinated X-ray agents which are used for coronary angiography and will be complemented by DyeVert.
“GE Healthcare and Osprey share a similar goal rooted in improving patient outcomes,” said Kevin O’Neill, President and CEO of GE Healthcare’s Pharmaceutical Diagnostics business.
“Both our product portfolios and educational efforts, which are aligned with cardiology guidelines for AKI minimization, offer interventional cardiologists the opportunity to safely image patients by reducing the risk of AKI.’
Sales of DyeVert have been adversely affected by COVID-19 with 1,642 units sold through the quarter ending 30 June 2020. This 7% decline was largely attributed to the postponement of elective procedures during the pandemic.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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