Cardiovascular Systems, Inc. (CSI) (Nasdaq: CSII), a medical device company developing and commercializing innovative interventional treatment systems for vascular disease, 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 CSI and will support the production of its Diamondback 360® PAD System, a minimally invasive catheter for treating peripheral arterial disease (PAD), and other products.
“As demand builds for our Diamondback 360°, we need additional manufacturing capacity to accommodate our growth, and multiple facilities to minimize business interruption risk,” said Robert J. Thatcher, CSI executive vice president. “We received numerous proposals for facility locations. The State of Texas and City of Pearland put together the most attractive economic package, allowing us to expand quickly into a second facility. We look forward to continuing our partnership with Texas local and state offices, and launching manufacturing operations there.”
CSI could 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 United States.
“CSI’s expansion in Texas is further proof that Texas remains the best state in the nation for business. Our reasonable and predictable regulatory climate, low taxes, skilled and educated workforce, and programs, such as the Texas Enterprise Fund, all come together to strengthen the state’s economy by attracting jobs and capital investment,” Governor Rick Perry said. “This investment in CSI is expected to bring hundreds of jobs to Texans in the Pearland area and expand our state’s already thriving medical technology sector.”
“Our region is well served with the addition of Cardiovascular Systems’ manufacturing facility in Pearland,” said Jeff Moseley, president and CEO of the Greater Houston Partnership, primary business advocate for the 10-county Houston region. “Coupled with the world-famous Texas Medical Center, CSI greatly expands our medical portfolio and strengthens the region’s stature with global companies for innovation, research and cutting-edge technology.”