ST. PAUL, Minn., July 31 /PRNewswire/ -- Cardiovascular Systems, Inc. (CSI), which has developed a novel Orbital Atherectomy System for the treatment of peripheral artery disease (PAD), today announced that it closed a $25 million financing round. The financing was led by Easton Capital Group and co-led by Maverick Capital Funds, with participation by Mitsui & Co. Venture Partners, as well as some existing investors of the Company.
Michael Kallok, Ph.D., CEO of Cardiovascular Systems, Inc. said, “I am pleased to announce the closing of this very important financing round. This is the Company’s first institutional financing, and we welcome our new investment partners. The funds raised in this round will be used to fund our current peripheral clinical trial and allow us to build our sales and marketing organization in order to commercialize our products.”
CSI’s Orbital Atherectomy System (OAS) is designed to ablate atherosclerotic plaque and restore patency to the artery being treated. A rotating crown, embedded with small diamond chips, is moved across the surface of the lesion removing a thin layer of plaque each time through a progressive “sanding” action. By varying the crown’s rotational speed, the centrifugal force causes the orbit of the crown to expand to up to approximately two times the size of the crown.
Easton General Partner John Friedman stated, “We are excited about the CSI opportunity and its Management team. We believe that they have developed a novel technology which targets a large segment of the 12 million person Peripheral Artery Disease market which is poorly served, if at all.”
Cardiovascular Systems, Inc. is a medical device development company that has completed design, development, and testing of its Orbital Atherectomy Device intended for removal of atherosclerotic blockages in coronary and peripheral arteries. The Company’s proprietary technology is protected by over 20 issued US patents and corresponding foreign patents, and several other pending patents. The Company has received 510(k) clearance to market its Orbital Atherectomy System for treatment of occluded AV Grafts used for hemodialysis access and has obtained the CE mark for peripheral vascular use. The Company is currently conducting the OASIS PAD clinical trial under an approved IDE.
Cautionary Statement for the Purpose of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including our statement that the Company is conducting the OASIS PAD clinical trial under an approved IDE for use of the Orbital Atherectomy System for treating blocked peripheral arteries and the ultimate commercialization of the product. The forward-looking statements are based upon current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in or anticipated by the forward-looking statements. For example, our ability to obtain approvals from the FDA depends upon the successful performance of our product in testing and the submission to the FDA or other regulatory bodies of appropriate evidence of such performance and acceptance of the product by physicians. We may encounter problems in testing or regulatory review that delay or prevent us from obtaining such approvals and product commercialization.
Cardiovascular Systems, Inc.
CONTACT: Michael J. Kallok, Chief Executive Officer, or James Flaherty,Chief Financial Officer, +1-651-259-1600, both of CSI
Web site: http://www.cardiovascularsystemsinc.com/
