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Home » CSI drums up $5 million to increase sales of arterial plaque remover

CSI drums up $5 million to increase sales of arterial plaque remover

December 17, 2010 By MedCity News

CSI logo

Cardiovascular Systems Inc. raised $5 million from the sale of debt, according to documents filed with the Securities & Exchange Commission.

The New Brighton, Minn.-based company, which had abandoned an effort to go public two years ago, netted $3.5 million and $1.5 million in two separate SEC filings.

In 2008, CSI filed an initial public offering, hoping to raise $86.3 million to help expand sales of its Diamondback 360 device, which removes plaque from peripheral vessels in the pelvis or leg. But given the weak economy and non-existent demand for IPOs, CSI ultimately merged with Replidyne Inc., a publicly traded shell company with $40 million in cash reserves.

MedCity News logo

The company is conducting a clinical trial, dubbed Orbit II, to see if Diamondback 360 can effectively treat coronary arteries or vessels above the waist. Winning approval from the Food & Drug Administration for such a use would open a significant new market to CSI, CEO David Martin said.

Former Medtronic vice president Dr. Glen Nelson, a prolific local medical device entrepreneur and investor, serves as CSI chairman.

Filed Under: Business/Financial News, News Well Tagged With: Cardiovascular Systems Inc.

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