Cardiovascular Systems Inc. and Innova Vascular are working together to develop a full line of thrombectomy devices.
The collaboration calls for CSI to provide financing to Innova Vascular for the development of the thrombectomy devices. Under an acquisition option agreement, upon Innova’s completion of key technical, regulatory, and clinical milestones in the development program, CSI will have exclusive rights to acquire the thrombectomy devices, subject to the satisfaction of closing conditions set forth in the agreement.
The thrombectomy devices will target peripheral vascular disease, including deep vein thrombosis (DVT) and pulmonary embolism (PE). Commercialization of the thrombectomy devices will be highly complementary to CSI’s broader portfolio of advanced technologies used in the treatment of cardiovascular disease.
Scott Ward, Chairman, President and CEO, of CSI, said “The commercialization of these thrombectomy devices will be an important addition to our growing pipeline of products. In total, developing novel drug coated balloons, intravascular lithotripsy, mechanical circulatory support, and thrombectomy devices target some of the fastest growing segments within interventional cardiology. Supplementing our core orbital atherectomy devices with these technologies will greatly increase the number of patients we will reach while simultaneously expanding our total addressable market to over $18 billion in the coming years.”
This isn’t the first time CSI has gone outside of its wheelhouse to expand its cardiovascular offerings. In March of last year, the company announced it was acquiring peripheral support catheters from WavePoint Medical. The acquired catheters would be rebranded as CSI’s ViperCross line.