Cardiovascular Systems, Inc. Announces Partnership With Chansu Vascular Techologies, LLC to Develop New Drug-Coated Balloon T...
February 01 2021 - 7:00AM
Business Wire
Cardiovascular Systems, Inc. (CSI®) (NASDAQ: CSII) announced
today that it has partnered with Chansu Vascular Technologies, LLC
(CVT) to develop novel peripheral and coronary everolimus
drug-coated balloons (DCBs). This partnership brings together CSI’s
leadership in the treatment of calcified arterial lesions with Dr.
Philippe Marco, a pioneer in the successful development of several
drug-coated devices.
DCBs are a widely accepted percutaneous interventional treatment
option for femoro-popliteal lesions in patients with peripheral
artery disease (PAD), and are increasingly recognized for their
potential in complex coronary artery disease (CAD), including their
use in in-stent restenosis, small vessels, and bifurcation lesions.
In these applications, DCBs offer the potential for sustained
anti-restenotic efficacy without the limitations of permanent
implants. Everolimus, the active drug in CVT’s DCB formulation,
acts as a cytostatic agent to reduce tissue hyperplasia and
associated restenosis, and has a long history of safety and
efficacy in coronary drug-eluting stent applications.
Philippe Marco, MD, founder of CVT said, “The CVT DCBs will be
designed to capitalize on the proven long-standing anti-restenotic
benefits of everolimus for the treatment of patients with
cardiovascular lesions. This collaboration enables us to develop a
new class of DCBs that we believe will improve patient
outcomes.”
Ryan Egeland, MD, PhD, CSI’s Chief Medical Officer, said, “This
partnership is consistent with our strategic vision to develop an
innovative portfolio of new products. We believe these next
generation DCBs will complement our current and growing portfolio
of products for the treatment of complex coronary and peripheral
disease. We are thrilled to be working with CVT in this partnership
and are extremely confident that Dr. Marco and his team’s extensive
past DCB experience will prove invaluable in developing these next
generation DCBs.”
Under the terms of the agreements signed with CVT, CSI will
provide milestone-based financing to CVT for the development of the
DCBs. Under an acquisition option agreement, upon CVT’s completion
of key technical and clinical milestones in the development
program, CSI will have exclusive rights and obligations to acquire
CVT, subject to the satisfaction of closing conditions set forth in
the agreement.
About Chansu Vascular Technologies, LLC
Chansu Vascular Technologies (CVT) is a company with its
principal office located in Sunnyvale, California. CVT was founded
by Philippe Marco, MD, with the exclusive purpose to develop
peripheral and coronary DCBs using everolimus. Dr. Marco is a
25-year medical technology veteran who has spent his entire career
focused on cardiovascular device development. He was President and
COO of Epix Therapeutics (acquired by Medtronic), and President and
COO at CV Ingenuity (acquired by Covidien), where he was
responsible for the development of the Stellarex™ DCB. Dr. Marco
started working on drug delivery cardiovascular devices while in
charge of Medical Affairs for Abbott Vascular where, following the
Perclose Inc. acquisition, he led the franchise expansion into a
diversified portfolio from closure devices to drug-coated coronary
stents, embolic protection devices, and peripheral catheters and
stents.
About Cardiovascular Systems, Inc.
Cardiovascular Systems, Inc., based in St. Paul, Minn., is a
medical device company focused on developing and commercializing
innovative solutions for treating vascular and coronary disease.
The company’s orbital atherectomy system treats calcified and
fibrotic plaque in arterial vessels throughout the leg and heart
and addresses many of the limitations associated with existing
surgical, catheter and pharmacological treatment alternatives. For
additional information, please visit www.csi360.com and connect on
Twitter @csi360.
Safe Harbor
Certain statements in this news release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 and are provided under the protection of the
safe harbor for forward-looking statements provided by that Act.
For example, statements in this press release regarding (i) the
development of new DCBs; (ii) the benefits of DCBs and everolimus;
(iii) the ability of CVT, Dr. Marco and his team to successfully
develop the DCBs; (iv) future milestone-based financing in CVT; (v)
the future impact of adding DCBs to CSI’s portfolio; and (vi) the
potential acquisition of CVT by CSI, are forward-looking
statements. These statements involve risks and uncertainties that
could cause results to differ materially from those projected,
including, but not limited to, the ability of CSI and CVT to
collaborate on the development of new DCBs; the ability of CVT to
meet development milestones; satisfaction of the conditions to
CSI’s additional financing obligations; satisfaction of milestones
and conditions to CSI’s rights and obligations to acquire CVT;
technical challenges; regulatory developments; clinical trial
requirements and results; FDA clearances and approvals; the
experience of physicians regarding the effectiveness and
reliability of products sold by CSI; the reluctance of physicians,
hospitals and other organizations to accept new products; the
impact of competitive products and pricing; general economic
conditions; and other factors detailed from time to time in CSI’s
SEC reports, including its most recent annual report on Form 10-K
and subsequent quarterly reports on Form 10-Q. CSI encourages you
to consider all of these risks, uncertainties and other factors
carefully in evaluating the forward-looking statements contained in
this release. As a result of these matters, changes in facts,
assumptions not being realized or other circumstances, CSI's actual
results may differ materially from the expected results discussed
in the forward-looking statements contained in this release. The
forward-looking statements made in this release are made only as of
the date of this release, and CSI undertakes no obligation to
update them to reflect subsequent events or circumstances.
CSI is a registered trademark of Cardiovascular Systems, Inc.
All other trademarks cited herein are owned by their respective
owners.
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version on businesswire.com: https://www.businesswire.com/news/home/20210201005128/en/
Cardiovascular Systems, Inc. Jack Nielsen (651) 202-4919
j.nielsen@csi360.com
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