ST. PAUL – Medical device firm Caisson Interventional LLC plans to expand its Maple Grove facilities by 30,000 square foot and add 50 jobs.
The company, which is owned by London-based LivaNova PLC, said it will invest $750,000 in the building expansion. The new jobs will be created within three years and pay wages averaging $32.71 an hour.
The Minnesota Department of Employment and Economic Development (DEED) is supporting the project with a $359,850 grant from the Job Creation Fund. The company will receive the funding once it has met investment and hiring commitments.
“Caisson is developing a minimally invasive implantable heart valve system that has the potential to benefit millions of patients worldwide,” said DEED Commissioner Shawntera Hardy. “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.”
Caisson, which was founded in 2012, is developing a heart valve system to replace severely diseased or damaged heart valves that don’t close tightly enough. That condition results in blood flowing backward in the heart, a disorder known as mitral regurgitation. The company in late 2016 announced the first successful human implants of its system in a 20-patient study at five U.S. hospitals.
LivaNova PLC last May invested $72 million to acquire a full stake in the company. Prior to the acquisition, LivaNova owned 49 percent of Caisson.
The Job Creation Fund, which was first proposed by Gov. Mark Dayton in 2013, is a pay-for-performance program that provides funding to businesses after they meet certain criteria, including minimum requirements for job creation and private investments. Under the program, businesses must create at least 10 full-time jobs and invest at least $500,000 to be eligible for financial assistance in the Twin Cities metro and create at least five full-time jobs and invest at least $250,000 in Greater Minnesota.
Since the Job Creation Fund was launched in January 2014, DEED has awarded $35 million for 74 business expansion projects in Minnesota. Companies have committed to creating nearly 4,800 full-time jobs and investing more than $967 million to expand. Go to the DEED website for more details about the Job Creation Fund.
DEED is the state’s principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development. For more details about the agency and its services, visit the DEED website or follow us on Twitter.
LivaNova PLC is a global medical technology company built on nearly five decades of experience and a relentless commitment to improve the lives of patients around the world. LivaNova’s advanced technologies and breakthrough treatments provide meaningful solutions for the benefit of patients, health care professionals and health care systems. Headquartered in London and with a presence in more than 100 countries worldwide, the company employs more than 4,500 employees. LivaNova operates as three business franchises: cardiac surgery, neuromodulation and cardiac rhythm management, with operating headquarters in Mirandola (Italy), Houston (U.S.) and Clamart (France), respectively. For more information, please visit http://links.govdelivery.com:80/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTgwMjA2Ljg0OTA0NjYxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDE4MDIwNi44NDkwNDY2MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3OTQxNzg4JmVtYWlsaWQ9aW5mb0ByZWRsYWtlbmF0aW9ubmV3cy5jb20mdXNlcmlkPWluZm9AcmVkbGFrZW5hdGlvbm5ld3MuY29tJmZsPSZleHRyYT1NdWx0aXZhcmlhdGVJZD0mJiY=&&&103&&&http://www.livanova.com/.