Officials at Innova Vascular Inc. strive to make medical procedures as easy as getting one’s teeth cleaned.
“People don’t get things treated because they are afraid of complications,” Sanjay Shrivastava, CEO of the Irvine-based medical device company, told the Business Journal.
“The more effortless we make it for the doctor, the less complications arise, which generally translates into less pain or fear for the patient.”
Innova Vascular is advancing its goal with its recently FDA-approved blood clot removal device: the Laguna Thrombectomy System.
The device, which is made up of the Laguna Clot Retriever System and Malibu Aspiration Catheter System, non-surgically removes blood clots from the peripheral vasculature, meaning the veins and arteries located anywhere in the body—with the exception of the heart and brain.
Medical device company Cardiovascular Systems Inc. (CSI) two years ago secured the right to acquire the Laguna system. CSI has since been bought by Abbott Laboratories (NYSE: ABT), which sported a $185 billion market cap as of last week.
“Now, Abbott has the option to purchase [our device],” Shrivastava said.
The company’s products are likely to compete with those from one of OC’s fastest-growing public companies, Irvine’s Inari Medical Inc. (Nasdaq: NARI), which counted a $3.4 billion valuation as of last week.
Name Recognition
Though the Laguna system seemingly pays homage to SoCal beaches, that was not the intention behind its name, according to Shrivastava.
“It’s not that Southern California is known for blood clot removal,” he said. Rather, the “Laguna” and “Malibu” in the unit’s names make it “easy for doctors to remember.”
Innova Vascular also intends for the Laguna unit to be easy for physicians to use.
The Malibu catheter system “offers excellent navigability” and “ability for operators of all skill levels to remove clots efficiently,” Dr. John Moriarty, a professor of cardiovascular and interventional radiology at University of California, Los Angeles, said in a statement.
The Laguna device’s easily navigable clot remover and full range of small to large catheters are also unique to Innova Vascular. Both features are not offered by the company’s competitors, Shrivastava said.
Blood Clot Removal Veteran
Innova Vascular is not Shrivastava’s first venture.
He previously co-founded medical device company BlackSwan Vascular Inc., which in April was acquired by Grand Pharmaceutical Group Ltd. for $37.5 million.
Shrivastava started Innova Vascular in 2018 after working for more than 20 years on developing devices for cardiovascular diseases.
Over a decade ago, he led the team at at ev3 Inc.—which was acquired by Medtronic PLC (NYSE: MDT)—that created the “breakthrough product” that pulls blood clots to treat acute ischemic stroke.
He continued his work with blood clots through Innova Vascular, which he founded to develop a device that could remove clots in the lungs.
The company has yet to conduct a clinical study on a device for the lungs, though that will happen “in the near future,” Shrivastava said.
