Cardiovascular Systems files to go public, seeks $86M

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Cardiovascular Systems (CSI) has filed a registration statement on Form S-1 with the Securities and Exchange Commission (SEC) for a proposed initial public offering of its common stock to raise $86.2 million.

The St. Paul, Minn.-based company intends to trade on the Nasdaq exchange under the symbol CSII, and plans to use the funding for working capital and general corporate purposes. CSI said it might put the money toward acquiring another business or technology, but does not have any scheduled deals, according to its filing with the SEC.

In October 2007, the FDA cleared CSI's device, Diamondback 360, for sale in the United States, which uses a rotating, diamond-coated crown to clear plaque from arteries. The product targets patients with peripheral arterial disease, CSI said.

The number of shares to be offered and the price range have not been determined.