Cardiovascular Systems, Inc. (Cardiovascular Systems) has signed a 10-year lease agreement for a new 46,000-square-foot manufacturing facility in Pearland, Texas. The facility is being built for Cardiovascular Systems and will support the production of its Diamondback 360 PAD System, a minimally invasive catheter for treating peripheral arterial disease (PAD), and other products.
Cardiovascular Systemscould hire approximately 250 employees over the course of five years to work at the Texas facility and manufacture the Diamondback 360°. The company will also continue its manufacturing operations in Minnesota, where it currently employs more than 100 people, including its headquarters staff, which also has been expanding. In addition, CSI has more than 120 sales professionals across the US.
Cardiovascular Systems received $3.5 million upon the signing of the lease and could receive up to an additional $3.5 million over five years as milestones are met. CSI expects to begin operations in the facility during the first half of calendar 2010. Pearland was selected as the best location for the Diamondback 360° facility after an extensive search process lead by Ecodev, LLC, a site selection firm.