Osprey Medical, a U.S.-based medical technology company, develops systems that reduce the risk of kidney damage during many common heart procedures. Osprey has strong Australian ties; its proprietary AVERT™ System is based on technology developed at the Baker Heart and Diabetes Institute in Melbourne. So when the company sought to raise significant capital through an initial public offering on the Australian Stock Exchange (ASX), it needed legal representation to navigate the differences between Australian and American securities regulation and corporate law. Naturally, it turned to Gray Plant Mooty, and the entrepreneurial services lawyers who had been representing the company through its development, including several rounds of venture capital financing led by firms based in Australia.
Bridging a 15-hour time difference, the team at Gray Plant Mooty undertook extensive due diligence to ensure that every aspect of the IPO complied both with American corporate and securities law, as well as the unique procedural and legal aspects of Australian securities regulation. Gray Plant Mooty’s attorneys helped Osprey’s leadership in the U.S. understand the distinctions and nuances of the various legal frameworks so they could better make key decisions. Just as importantly, Gray Plant Mooty developed a collaborative and constructive relationship with Osprey’s Australian counsel that mitigated the inherent logistical challenges of a trans-oceanic international IPO.
With the help of the team at Gray Plant Mooty, Osprey’s IPO successfully raised more than $20 million and a subsequent secondary private offering of $14 million. Its innovative work, aided on an ongoing basis by Gray Plant Mooty as its primary outside U.S. legal counsel, will continue to reduce costs and save lives for patients and healthcare providers as the company launches its medical device into markets worldwide.