Cardiovascular Systems, Inc. announced it has partnered with Innova Vascular, Inc. to develop a full line of novel thrombectomy devices. Thrombectomy is a rapidly growing interventional procedure performed to remove blood clots from arteries and veins. CSI intends to acquire and commercialize novel thrombectomy devices from Innova targeting peripheral vascular disease, including deep vein thrombosis and pulmonary embolism.

Commercialization of the thrombectomy devices will be highly complementary to CSI's broader portfolio of advanced technologies used in the treatment of cardiovascular disease. Pending regulatory clearance in the United States, CSI could begin to commercialize a portfolio of manual aspiration and clot retrieval devices for the treatment of peripheral vascular disease in its fiscal 2023. The portfolio and corresponding indications for use are expected to be expanded to include treatment of DVT and PE following completion of subsequent clinical trials.

Under the terms of the agreements signed with Innova, CSI has provided financing to Innova 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.