The first Minnesota company that has filed to go public this year is -- no surprise -- a medical device firm.
Cardiovascular Systems Inc. (CSI) of New Brighton filed a registration statement Tuesday with the Securities and Exchange Commission with hopes of raising $86.3 million. The number of shares to be offered and the price per share have not been determined.
Of the four initial public offerings completed last year, two were medical technology companies -- Enteromedics Inc. and Virtual Radiologic Corp.
Founded in 1989, CSI currently markets a lone product called the Diamondback 360° orbital atherectomy system -- a minimally invasive catheter that treats patients suffering from peripheral arterial disease, or PAD.
PAD is a common circulatory problem that afflicts 8 to 12 million people in the United States, according to the American Medical Association. Typically, soft or calcified plaque builds up on the walls of vessels, usually in the legs, reducing blood flow. The Diamondback system has a diamond-encrusted crown that, when inserted into vessels, sands and pulverizes the plaque.
CSI has conducted three clinical trials involving 207 patients to demonstrate the device's safety and effectiveness, according to SEC documents. Last August, the company received clearance from the Food and Drug Administration to sell the device for use in PAD patients.
In the future, the company hopes to launch additional products to treat larger vessels, as well as patients suffering from coronary artery disease.
CSI said that it will use the proceeds from the public offering for working capital, "general corporate purposes," and perhaps for acquisitions of complementary businesses and promising technology and products.
