Tuesday, November 4, 2008

Replidyne to Merge with Cardiovascular Systems

Louisville, Colo.-based biopharmaceutical firm Replidyne Inc. announced Tuesday that it will merge with Cardiovascular Systems Inc. of St. Paul, Minn., in an all-stock transaction. According to Replidyne, CSI shareholders will own 83 percent of the combined publicly traded company, which will be known as Cardiovascular Systems Inc. once the transaction has closed in early 2009. At that time, Replidyne said, the merged company will petition NASDAQ for a new trading symbol. The exact financial details of the merger were not disclosed. However, David L. Martin, CSI's president and chief executive officer, said CSI gained some $35 million to $40 million in cash and investments from the merger. CSI had filed for an initial public offering in January, but the company withdrew its registration statement today as a result of the merger, Replidyne said.