Heart valves and more: Caisson Interventional expands in Maple Grove

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Caisson Interventional LLC is planning a huge $750,000 building expansion in Maple Grove. The expansion will add 30,000 square feet to its existing facilities, and will result in the addition of 50 jobs paying an average wage of $32.71 per hour.

“We are grateful for Caisson Interventional’s commitment to our state, and very excited about the 50 new jobs this expansion will create,” said Governor Mark Dayton about expansion. “This success story is made possible in part by Minnesota’s Job Creation Fund. We look forward to partnering with more Minnesota employers to support their expansions, and create more good-paying jobs in our state.”

The $750,000 is being provided by Caisson Interventional LLC’s parent company, London based LivaNova PLC. The Minnesota Department of Employment and Economic Development (DEED) is providing a grant of $359,850 from the Job Creation Fund to supplement the investment. LivaNova will receive the funds once it has met investment and hiring commitments to the state.

“We are grateful for Caisson Interventional’s commitment to our state, and very excited about the 50 new jobs this expansion will create. This success story is made possible in part by Minnesota’s Job Creation Fund. We look forward to partnering with more Minnesota employers to support their expansions, and create more good-paying jobs in our state.”

Caisson was founded in 2012, and was purchased by LivaNova PLC last May (2017) after it invested $72 million in the company. This investment gave LivaNova PLC a full stake in the company – though prior to this investment they owned 99% of Caisson already.

DEED Commissioner Shawntera Hardy touched on the importance of the companies work with the following statement; “Caisson is developing a minimally invasive implantable heart valve system that has the potential to benefit millions of patients worldwide. 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’s largest current project is the development of a heart valve system which replaces severely damaged or diseased heart valves not operating properly, typically from mitral regurgitation. Mitral regurgitation occurs when a heart valve doesn’t close tight enough and blood flows backward in the heart.  The first successful implants of this system into 20 humans was announced in late 2016 as part of a patient study in 5 U.S. hospitals.

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 along on Twitter.