Cardiovascular Systems (NSDQ:CSII) announced that it has partnered with Innova Vascular to develop a full line of thrombectomy devices.
Under the terms of the agreement, Cardiovascular Systems (St. Paul, Minnesota) will provide financing to Innova (Irvine, California) to develop thrombectomy devices to remove blood clots from arteries and veins. Through an acquisition option agreement, Cardiovascular Systems will have exclusive rights to acquire the devices upon Innova’s completion of key technical, regulatory, and clinical milestones.
Thrombectomy procedures are a growing interventional procedure that is performed to remove blood clots. Cardiovascular Systems said it intends to acquire the commercialize Innova’s thrombectomy devices that target peripheral vascular disease, including deep vein thrombosis and pulmonary embolism.
“We strive to bring solutions that are easy to use, safe, and highly effective in treating potentially devastating diseases. We are excited to partner with CSI, which has been serving the interventional cardiology, interventional radiology, and vascular surgery communities that will be the primary users of Innova products. CSI’s commercial presence in this space makes it an excellent fit for accelerating the commercialization of Innova’s products post regulatory clearances,” Innova CEO Sanjay Shrivastava said in a Feb. 23 news release.
Cardiovascular Systems said it could begin to commercialize manual aspiration and clot retrieval devices to treat peripheral vascular disease in fiscal year 2023. The portfolio of devices and its indications for use are expected to be expanded to include treatment of deep vein thrombosis and pulmonary embolism following completed clinical trials.
“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,” Cardiovascular Systems President and CEO Scott Ward said.