June 13, 2019 – Minnesota, United States and Melbourne, Australia – Osprey Medical (ASX: OSP) today announces it is working with Premier Inc. to offer members of its QUEST® quality improvement collaborative hospital-level burden of illness reports on Acute Kidney Injury (AKI). These hospital-level reports originate from The AKI Burden of Illness Study which was published at the American College of Cardiology (ACC) Annual Scientific Conference in March 2019, showing AKI incidence, risk factors, and costs among 2.8 million US patients across 749 hospitals undergoing Percutaneous Coronary Procedures1 from the Premier Healthcare Database. Osprey has previously commented on this study, which demonstrated a significant cost burden of $1.7 billion to Premier hospitals, a very significant increase in the rate of AKI from 18% in 2012 to 28% in 2017 and a 61% higher rate of death in patients who experienced an AKI event.
Premier is a leading healthcare improvement company that unites more than 4,000 hospitals and 165,000 other healthcare providers to transform healthcare. Approximately 250 hospitals participate in Premier’s QUEST® collaborative, which was launched in 2008 to help health systems provide high-value care across U.S. communities. QUEST has been recognized by The Joint Commission and National Quality Forum (NQF) for improving patient safety and healthcare quality, and its participants have outperformed non-QUEST hospitals by nearly 30% in realising value-based payments from the Centers for Medicare & Medicaid Services2.
Myla Maloney, Vice President, Strategic Accounts, Premier Applied Sciences commented: “QUEST hospitals have set the benchmark in delivering improved outcomes for patients while reducing total cost of care. Osprey is helping QUEST hospitals better understand their individual incidence rate of AKI, patient outcomes related to AKI and hospital specific cost of AKI. We believe these insights serve as a catalyst for improved patient outcomes and lower hospital costs in at-risk chronic kidney disease (CKD) patients undergoing coronary angiograms.”
Osprey Medical’s President and CEO, Mike McCormick, continued, “We are pleased to be partnering with Premier to focus on AKI reduction in QUEST hospitals. A goal of the program is to initiate Kidney Care Protocols featuring the DyeVert System for patients with CKD. QUEST hospitals are leaders in quality improvement efforts and we look forward to collaborating with them to improve patient outcomes and reduce hospital costs through AKI reduction.”
The Premier hospital-level burden of illness reports on AKI for QUEST members will be available through to March 30th, 2020. Eligible QUEST members have the opportunity to access their burden of illness data. Osprey estimates that <5% of QUEST hospitals utilize a Kidney Care Protocol with the DyeVert System providing a significant runway of opportunity for the Company. Additionally, Osprey has a group purchasing agreement that allows Premier members to purchase Osprey products at their own discretion under the Premier group purchasing contract.
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1 Prasad, A. et al. 2019. Acute Kidney Injury Incidence, Risk Factors, and Costs Among U.S. Patients Undergoing Percutaneous Coronary Procedures. American College of Cardiology Annual Meeting. Poster Presentation.
2 Premier (NASDAQ:PINC) press release February 28, 2018
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OspreyMedical’svisionistomakeheartimagingproceduressaferforpatientswithpoorkidneyfunction. Theamountofdye (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 real time throughout the procedure. The Company’s DyeVertTM 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 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.
Forward-Looking Statements
This announcement contains or may contain forward-looking statements that are based on management’s beliefs, assumptions, and expectations and on information currently available to management. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements, including without limitation our expectations with respect to our ability to commercialize our products including our estimates of potential revenues, costs, profitability and financial performance; our ability to develop and commercialize new products including our ability to obtain reimbursement for our products; our expectations with respect to our clinical trials, including enrolment in or completion of our clinical trials and our associated regulatory submissions and approvals; our expectations with respect to the integrity or capabilities of our intellectual property position. Management believes that these forward-looking statements are reasonable as and when made. You should not place undue reliance on forward-looking statements because they speak only as of the date when made. Osprey does not assume any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Osprey may not actually achieve the plans, projections or expectations disclosed in forward-looking statements, and actual results, developments or events could differ materially from those disclosed in the forward-looking statements.
Foreign Ownership Restriction
Osprey’s CHESS Depositary Interests (CDIs) are issued in reliance on the exemption from registration contained in Regulation S of the US Securities Act of 1933 (Securities Act) for offers or sales which are made outside the US. Accordingly, the CDIs have not been, and will not be, registered under the Securities Act or the laws of any state or other jurisdiction in the US. The holders of Osprey’s CDIs are unable to sell the CDIs into the US or to a US person unless the re-sale of the CDIs is registered under the Securities Act or an exemption is available. Hedging transactions with regard to the CDIs may only be conducted in accordance with the Securities Act.
