Medical device developer Osprey Medical has successfully raised $20 million from an initial public offer (IPO) and is preparing to list on the Australian share market.

The US-based company’s main product is the CINCOR System, which helps reduce the risk of kidney damage caused by a toxic dye that is used in some forms of heart surgery.

The technology was developed in Melbourne.

Osprey said on Tuesday it had met its target of raising $20 million through the offer 50 million CHESS Depository Interests (CDIs) to investors.

Final listing conditions must now be met before Osprey is admitted to the Australian Securities Exchange (ASX).

“The successful completion of this raise enables us to rapidly move forward with our pivotal clinical trial in the US and also to commence commercialisation of the CINCOR System in Germany and the Netherlands,” chief executive Mike McCormick said in a statement.