The University of Minnesota said Tuesday that it has spun off a medical device start-up.

Called XO Thermix Medical, the company is developing a device to treat chronic venous insufficiency (CVI), a condition in which blood pools in the veins of the lower legs because the veins have problems delivering blood from the legs to the heart.

XO Thermix's device aims to lower the cost and time associated with the procedure to correct CVI and to diminish the amount of discomfort that patients experience with current treatment options.

The device is based on the research of Dr. Erik Cressman, a professor and clinician in the U of M Medical School's radiology department.

More than 9 million Americans have significant CVI, according to the U of M. CVI can lead to chronic, life-threatening ulcers and infections of the lower extremities.

XO Thermix will be led by CEO Mike Selzer, who has worked with several other medical-device start-ups in the past. He was CEO of Urologix, Inc., from 1998 to 2003 and had a previous stint at Medtronic, most recently as head of its neurostimulation business.

“Our initial products are very much in tune with the demands for reducing medical costs and producing better results for patients that lie at the heart of health care reform,” Selzer said in a statement.

The university is an equity partner in XO Thermix and has co-invested funds along with the founders. The company will begin seeking investors this fall.

The U of M has been criticized in recent years for not doing more to commercialize its technology or intellectual property. But within the past year, it implemented a new commercialization structure and staff to help boost technology transfer-the practice of commercializing new devices, preventions, medications, and treatments. Several companies have been spun off since then.