Cardiovascular Systems (NSDQ:CSII) said today that it inked an agreement with Aerolase to develop a laser atherectomy system designed for treating multiple arterial diseases.
As part of the agreement, St. Paul, Minn.-based Cardiovascular Systems said it made an undisclosed equity investment in Aerolase, and agreed to make more milestone-dependent investments in the company.
“We are excited to pursue the development of an atherectomy laser device with an industry-leading company like CSI. Our dermatology and aesthetic medicine customers appreciate the portability, reliability, ease-of-use and minimal set up time that our lasers offer in addition to high clinical efficacies. We look forward to demonstrating that our solid-state, patented, air-cooled laser technology can transfer to atherectomy and provide similar benefits to interventional cardiologists,”Aerolase chair & CEO Pavel Efremkin said in a press release.
“We believe there is an opportunity to leverage Aerolase’s innovative proprietary laser technology, which is FDA-cleared for dermatology and medical aesthetic uses, and supported by leading physicians in those fields. The collaboration project aims to create a significant improvement in the quality of care for patients suffering from peripheral arterial disease and in-stent restenosis. The successful development and commercialization of this laser atherectomy technology will expand the number of patients CSI serves. We are committed to transforming CSI into an innovative and global leader in the treatment of peripheral and coronary artery disease,” Cardiovascular Systems CEO Scott Ward said in a prepared statement.
Yesterday, Cardiovascular Systems saw its shares stay steady in after-hours trading after the medical device maker posted full year and fourth quarter fiscal year 2018 earnings that beat expectations on Wall Street.
