Cardiovascular Systems, Inc. Announces Investment and Acquisition Option Agreement With Telehealth Company, CarePICS, LLC
Cardiovascular Systems, Inc. (CSI®) (NASDAQ: CSII) announced
today that it has completed a minority investment and entered into
an acquisition option agreement with CarePICS, LLC (CarePICS®), a
telehealth company offering a virtual care platform designed to
improve the outcomes of patients suffering from peripheral artery
disease (PAD), critical limb ischemia (CLI) and lower extremity
PAD is a progressive disease affecting at least 18 million
Americans. Left untreated and poorly managed, PAD can lead to
severe pain, immobility, non-healing wounds and amputation.
CarePICS is the first technology-enabled care management tool
specifically designed for the treatment of patients with this
disease. CarePICS allows a multidisciplinary group of physicians to
communicate with each other and patients throughout the care
continuum. As a result, they reach more patients in need, promptly
intervene when appropriate and provide coordinated follow up care
to improve patient outcomes.
Through a secure iOS, Android and Web platform, CarePICS
uniquely empowers podiatrists, skilled nursing facilities, home
health agencies, wound care providers and primary care physicians
to capture patient information, wound images and measurements.
Leveraging this information, they can accelerate patient access to
care by rapidly acquiring input from interventionalists through
specialty telehealth consults before arterial or venous wounds
begin to deteriorate. The platform’s features can also be utilized
by physicians after vascular treatment to coordinate, follow and
support wound healing progress.
Paul E. Schubert, Chief Executive Officer of CarePICS, said,
“CarePICS is the connective tissue between collaborating physicians
and their patients. Our platform provides effective
multidisciplinary case management before and after vascular
treatment. It produces a clear wound healing outcomes data set for
all physicians involved throughout a patient’s care.”
Scott R. Ward, Chairman, President and Chief Executive Officer
of CSI, said, “As the leader in the treatment and study of patients
with PAD and CLI, we are excited to announce our investment in a
digital SaaS product and data driven solution designed to improve
patient outcomes. We believe that CarePICS will accelerate patient
access to the appropriate treatment at the right time, resulting in
improved care and reduced amputations. Over time, the outcome data
being gathered through the CarePICS platform across various
providers, patients, treatments and care plans can become an
industry-leading source of actionable, clinical insights and
further improve patient care.”
Terms of CSI’s minority investment in CarePICS, LLC were not
disclosed. CSI has an exclusive option to acquire the remaining
equity in CarePICS.
About CarePICS, LLC
Based in Raleigh, NC, CarePICS is a telehealth startup company
focused on developing and commercializing an integrated software
solution for PAD, CLI and Wound Care. The company was founded by
wound care and medical technology veterans, Paul Schubert and Terry
Williams. The company’s Chief Medical Officer, Dr. George Adams, is
an interventional cardiologist, and the company’s President, Dr.
Chris Bromley, is a podiatrist. The company’s senior management
team reflects the multidisciplinary clinical acumen required for
achieving successful outcomes in wound care and amputation
prevention and this domain expertise is reflected in CarePICS’s
tailored telehealth products and features. For more information
please contact at info@CarePICS.com or visit: www.CarePICS.com.
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
About Peripheral Artery Disease (PAD)
As many as 18 million Americans, most over age 65, suffer from
PAD, which is caused by the accumulation of plaque in peripheral
arteries reducing blood flow. Symptoms include leg pain when
walking or at rest. Left untreated, PAD can lead to severe pain,
immobility, non-healing wounds and eventually limb amputation. With
risk factors such as diabetes and obesity on the rise, the
prevalence of PAD is growing at double-digit rates.
Millions of patients with PAD may benefit from treatment with
orbital atherectomy utilizing the Stealth 360® and Diamondback 360®
Peripheral Orbital Atherectomy Systems, minimally invasive catheter
systems developed and manufactured by CSI. These systems use a
diamond-coated crown, attached to an orbiting shaft, which sands
away plaque while preserving healthy vessel tissue — a critical
factor in preventing reoccurrences. Balloon angioplasty and stents
have significant shortcomings in treating hard, calcified lesions.
Stents are prone to fractures and high recurrence rates, and
treatment of hard, calcified lesions often leads to vessel damage
and suboptimal results.
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
benefits of the CarePICS technology, including its potential to
accelerate patient access and result in improved care and reduced
amputations; (ii) the potential acquisition of CarePICS by CSI; and
(iii) the potential benefits of the outcome data being gathered
through the CarePICS platform, 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 CarePICS to grow its network; the
effectiveness of the CarePICS platform; satisfaction of acquisition
conditions; technical challenges; regulatory developments; 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
version on businesswire.com: https://www.businesswire.com/news/home/20210408005124/en/
Cardiovascular Systems, Inc. Jack Nielsen Vice President,
Investor Relations & Corporate Communications (651) 202-4919