State of Texas invests $600,000 in Cardiovascular Systems Inc.
Gov. Rick Perry today announced the state will invest $600,000 through the Texas Enterprise Fund (TEF) in Cardiovascular Systems Inc. (CSI) for the creation of a facility in Pearland to manufacture their arterial disease treatment system, Diamondback 360.
This TEF investment will create 100 jobs, with the potential to grow to 250 jobs over the next five years, and generate $23 million in capital investment.
“CSIs 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,” Gov. Perry said. “This investment in CSI will bring more jobs to Texans in the Pearland area and expand our state’s already thriving medical technology sector.”
CSIs Diamondback 360 is a minimally invasive catheter used to treat peripheral artery disease. The device treats calcified and fibrotic plaque throughout the leg in small and large vessels, and addresses many of the limitations associated with existing surgical, catheter and pharmacological treatments. Since its launch in 2007, the device has been used to treat more than 15,000 patients at nearly 600 hospitals across the country.
“As CSI grows, expanding production capacity and reducing business interruption risk become key operational strategies,” CSI Executive Vice President Robert J. Thatcher said. “The funding from the Texas Enterprise Fund and the city of Pearland allows us to expand more quickly into a second manufacturing facility, addressing these strategies.”
“Our financial investment in the manufacturing facility is the result of the Pearland Economic Development Corporation’s focus on bringing biotechnology companies like CSI to Pearland,” Pearland Economic Development Corporation (PEDC) Executive Director Fred Welch said. “PEDC is fortunate to have the state of Texas as a development partner to support our mission of generating quality job growth and improved economic stability for our community.”
At Gov. Perry’s request, the legislature created the TEF in 2003 and re-appropriated funding in 2005, 2007 and 2009 to help ensure the growth of Texas businesses and create more jobs throughout the state. The fund has since become one of the state’s most competitive tools to recruit and bolster business. To date, the TEF has invested more than $383 million and closed the deal on projects generating an estimated 56,000 new jobs and more than $14 billion in capital investment in the state.
Topics: arterial disease treatment system, capital investment, Cardiovascular Systems, economic development, economic growth, Economy, employment, Governance, health care, Health Care, healthcare, investment, jobs, Pearland, TEF, Texas Enterprise Fund
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