Caisson Interventional to More Than Triple Size of Maple Grove HQ, Create 50 Jobs
A Maple Grove-based medical device company that is developing replaceable heart valves will be roughly tripling the size of its headquarters and plans to add 50 jobs in the process.
Caisson Interventional LLC said Tuesday it would be spending $750,000 on a 30,000-square-foot addition. Within the next three years, Caisson promised it would create the new jobs—which include engineering, manufacturing and clinical positions, according to the Star Tribune—that will pay an average of $32.71 an hour.
The company currently employs about 50 people in a 12,000-square-foot facility.
In support of the investment, the state’s Department of Employment and Economic Development (DEED) said it would foot nearly half of the bill for the expansion. If Caisson meets its investment and hiring commitments, the company will receive a $359,850 grant from the Job Creation Fund, a pay-for-performance program created in 2014 by Governor Mark Dayton.
“The company’s investment in jobs and facilities is helping to grow a medical device cluster that is one of the cornerstones of the Minnesota economy,” said DEED commissioner Shawntera Hardy in a statement.
Caisson, founded in 2012, does not currently have a product on the market, although that may change soon. The clinical-stage company has been testing its Mitral Valve Replacement System, a device designed to treat mitral regurgitation. The disorder in the mitral valve (which controls blood flow from the top chamber, or left atrium, to the lower chamber, or left ventricle) is fairly common. More than 200,000 cases of mitral regurgitation—in which the valve doesn’t close properly, allowing blood to flow backward in the heart—are reported each year in the U.S.
In September 2016, Caisson announced that its “early feasibility study” of a pool of 20 patients across five medical centers had been a success. “The physicians involved stated the patients responded very well to [receiving the Mitral Valve Replacement System and had] excellent valve function,” the company said in its report.
Months after the study’s positive outcome, London-based LivaNova, a developer of cardiac surgery and neuromodulation devices, acquired the full stake of Caisson for $72 million. LivaNova, prior to the deal, had owned 49 percent of Caisson.