Benzinga | Apr 8, 2021 07:10AM EDT

Cardiovascular Systems, Inc. Announces Investment and Acquisition Option Agreement With Telehealth Company, CarePICS, LLC

Cardiovascular Systems, Inc. (CSI(r)) (NASDAQ:CSII) announced today that it has completed a minority investment and entered into an acquisition option agreement with CarePICS, LLC (CarePICS(r)), a telehealth company offering a virtual care platform designed to improve the outcomes of patients suffering from peripheral artery disease (PAD), critical limb ischemia (CLI) and lower extremity wounds.

PAD is a progressive disease affecting at least 18 million Americans. Left untreated and poorly managed, PAD can lead to severe pain, immobility, non-healing wounds and amputation. CarePICS is the first technology-enabled care management tool specifically designed for the treatment of patients with this disease. CarePICS allows a multidisciplinary group of physicians to communicate with each other and patients throughout the care continuum. As a result, they reach more patients in need, promptly intervene when appropriate and provide coordinated follow up care to improve patient outcomes.

Through a secure iOS, Android and Web platform, CarePICS uniquely empowers podiatrists, skilled nursing facilities, home health agencies, wound care providers and primary care physicians to capture patient information, wound images and measurements. Leveraging this information, they can accelerate patient access to care by rapidly acquiring input from interventionalists through specialty telehealth consults before arterial or venous wounds begin to deteriorate. The platform's features can also be utilized by physicians after vascular treatment to coordinate, follow and support wound healing progress.

Paul E. Schubert, Chief Executive Officer of CarePICS, said, "CarePICS is the connective tissue between collaborating physicians and their patients. Our platform provides effective multidisciplinary case management before and after vascular treatment. It produces a clear wound healing outcomes data set for all physicians involved throughout a patient's care."

Scott R. Ward, Chairman, President and Chief Executive Officer of CSI, said, "As the leader in the treatment and study of patients with PAD and CLI, we are excited to announce our investment in a digital SaaS product and data driven solution designed to improve patient outcomes. We believe that CarePICS will accelerate patient access to the appropriate treatment at the right time, resulting in improved care and reduced amputations. Over time, the outcome data being gathered through the CarePICS platform across various providers, patients, treatments and care plans can become an industry-leading source of actionable, clinical insights and further improve patient care."

Terms of CSI's minority investment in CarePICS, LLC were not disclosed. CSI has an exclusive option to acquire the remaining equity in CarePICS.