Cardiovascular Systems Going Public Via Reverse Merger with Replidyne

Cardiovascular Systems Inc., a St. Paul, Minn.-based maker of a minimally-invasive catheter system for the treatment of peripheral arterial disease, has agreed to go public via a reverse merger with Replidyne Inc. (Nasdaq: RDYN). CSI shareholders will hold approximately 83% of the combined company, while Replidyne shareholders will hold the remainder. CSI is currently in registration for an IPO, and has raised around $65 million in VC funding from firms like Maverick Capital (15% pre-IPO stake), Easton Hunt Capital Partners (9.1%) and Mitsui & Co. (5.6%). Replidyne was VC-backed prior to its June 2006 IPO, with shares still held by HealthCare Ventures, TPG Ventures, Morgenthaler Ventures, Perseus-Soros and Sequel Venture Partners.

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