Cardiovascular Systems (CSI) and Innova Vascular have signed a collaboration agreement for the development of a full line of new thrombectomy devices.

Thrombectomy is an interventional procedure performed to remove blood clots from veins and arteries.

As part of the collaboration deal, CSI plans to purchase and commercialise new thrombectomy devices from Innova Vascular designed for the treatment of peripheral vascular diseases, including pulmonary embolism (PE) and deep vein thrombosis (DVT).

Their commercialisation will complement CSI’s portfolio of advanced technologies used for the treatment of cardiovascular disease.

The company aims to start commercialising a portfolio of clot retrieval and manual aspiration devices in its fiscal 2023, after obtaining regulatory clearance in the US.

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These devices are used to treat peripheral vascular disease.

Later, the company plans to expand the indications to treat DVT and PE after additional clinical trials are concluded.

CSI chairman, president and CEO Scott Ward said: “The commercialisation of these thrombectomy devices will be an important addition to our growing pipeline of products.

“In total, developing novel drug-coated balloons, intravascular lithotripsy, mechanical circulatory support and thrombectomy devices target some of the fastest-growing segments within interventional cardiology.

“Supplementing our core orbital atherectomy devices with these technologies will greatly increase the number of patients we will reach while simultaneously expanding our total addressable market to over $18bn in the coming years.”

Under the agreement, the company has provided Innova with an undisclosed amount of funding for the development of thrombectomy devices.

Subject to the satisfaction of closing conditions, CSI will have exclusive rights to acquire the thrombectomy devices.