Osprey Medical announces distribution agreement for Australia and NZ

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Osprey Medical (ASX:OSP) has announced an agreement under which Australian-owned medical distribution company Regional Health Care Group (RHCG) will exclusively distribute its products across Australia and New Zealand.

The three-year agreement means Osprey’s technology, which originated in Australia, will for the first time be made available to healthcare professionals across Australia and New Zealand.

Osprey said the contract has annual minimum sales volumes and a fixed transfer price. It said the agreement complements the strategic alliance it recently announced with GE Healthcare that provides for the exclusive distribution of its product portfolio in Europe, Russia, Middle East, Africa, Central Asia and Turkey.

Osprey’s DyeVert contrast minimisation device, which is the only FDA cleared technology of its kind, reduces the amount of contrast dye required in heart procedures by an average of 40 per cent. It allows healthcare professionals to address the rising problem of Contrast-Induced Acute Kidney Injury (CI-AKI) following heart imaging procedures in patients with Chronic Kidney Disease (CKD).

RHCG has extensive experience in supplying medical equipment, contrast media and medical consumables to the radiology and cardiology imaging sector across Australia.  

Osprey’s president and CEO, Mike McCormick, said, “We are excited to enter this agreement with RHCG which will see the Australian developed technology coming to the Australian and New Zealand markets. Our technology originates from Australia and it has been a long-held desire to offer it to Australian healthcare professionals. This agreement is the first step in addressing the rising issue of CI-AKI as a result of heart imaging procedures in patients with CKD.”

RHCG general manager Stephen Doorey added, “Regional Health Care Group has unrivalled experience of representing medical technology that supports clinicians in the areas of cardiology, radiology and nephrology. We are excited about the DyeVert technology and the impact it will have on reducing the numbers of CKD patients with CI-AKI and ultimately reduce the cost of these patients on hospitals across Australia and NZ.”