GE Healthcare to distribute Osprey Medical’s Technology to address angiography based acute kidney injury (AKI)
July 30, 2020
AMERSHAM, England & MINNEAPOLIS & MELBOURNE, Australia--(BUSINESS WIRE)--GE Healthcare and Osprey Medical Inc. (ASX:OSP) (Osprey) today announced a strategic alliance under which GE Healthcare will exclusively distribute Osprey’s product portfolio in Europe, Russia, Middle East, Africa, Central Asia and Turkey. Osprey’s DyeVert™ contrast minimization devices, complemented by GE Healthcare's range of iodinated x-ray contrast media, offer healthcare professionals a technology platform to address the rising problem of Acute Kidney Injury (AKI) following interventional coronary angiograms in patients with Chronic Kidney Disease (CKD).
Osprey’s President and CEO, Mike McCormick, stated: “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.”
“GE Healthcare and Osprey share a similar goal rooted in improving patient outcomes” added 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,” concluded O’Neill.
AKI is sudden damage to the kidneys that causes them to not work properly. It can range from minor loss of kidney function to complete kidney failure.1 With one out of four angiography patients presenting with CKD,2 the risk for these patients to develop AKI is a serious concern for catherization labs and hospitals. Patients with impaired kidneys are at a significantly increased risk for negative outcomes and for longer hospital stays.3 The European Society of Cardiology and European Association for Cardio-Thoracic Surgery have issued joint guidelines for the reduction of AKI.4 These guidelines recommend that physicians should screen patients for risk of AKI, ensure they are properly hydrated, consider patient appropriate contrast choice and minimize the contrast volume delivered to the patient. Osprey and GE Healthcare’s portfolios are aligned with these guidelines so that healthcare professionals can help minimize AKI complications in patients with CKD.
Under the four-year agreement, GE Healthcare will commercialize Osprey’s DyeVert portfolio which reduces the amount of contrast that reaches the kidney (40% average reduction) with no compromise in image quality. Osprey’s technology is the only FDA cleared medical device that is indicated for reducing patient contrast exposure. The DyeVert portfolio allows healthcare providers to monitor cumulative dye dose specific to each patient’s kidney function determined prior to the procedure.
GE Healthcare’s Pharmaceutical Diagnostics unit develops and supplies imaging agents used to support approximately 90 million procedures per year globally, equivalent to three patients every second. Its range of products include iodinated X-ray contrast media used in interventional and other diagnostic procedures including coronary angiography.
The four (4) year exclusive distribution agreement enables GE Healthcare to commercialize Osprey’s products within the Region. During the term of this agreement necessary commercial terms have been discussed and agreed. As Osprey develops new products GE Healthcare will be granted a right of first refusal to distribute and promote these products in the Region.
About Osprey Medical Inc
Osprey Medical’s vision is to make heart imaging procedures safer for patients with poor kidney function. The amount of dye (contrast) used during angiographic imaging procedures increases the patient's risk for dye-related kidney damage known as contrast-induced acute kidney injury (CI-AKI). The Company’s core technologies originated from research conducted by Dr David Kaye at Melbourne’s Baker Institute. Its proprietary dye reduction and monitoring technologies are designed to help physicians minimize dye usage and monitor the dose of dye in real time throughout the procedure. The Company’s DyeVert™ Plus System reduces contrast while maintaining image quality in a self-adjusting, easy-to-use design that monitors dye usage. Osprey Medical’s Board and Management are composed 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-recognized experts in heart and kidney diseases.
About GE Healthcare:
GE Healthcare is the $16.7 billion healthcare business of GE (NYSE: GE). As a leading global medical technology and digital solutions innovator, GE Healthcare enables clinicians to make faster, more informed decisions through intelligent devices, data analytics, applications and services, supported by its Edison intelligence platform. With over 100 years of healthcare industry experience and around 50,000 employees globally, the company operates at the center of an ecosystem working toward precision health, digitizing healthcare, helping drive productivity and improve outcomes for patients, providers, health systems and researchers around the world.