The University of Minnesota announced Tuesday that it will be launching XO Thermix Medical , a company to produce medical devices based on university research.

The first project will be a device used to treat chronic venous insufficiency. The device offers faster, cheaper and less painful treatment than current methods and is based off of research from University professor and clinician Dr. Erik Cressman.

The startup will be lead by Mike Selzer,  who has been involved with similar medical companies including ConceptTx Medical , Urologix, Inc . and Medtronic .

Selzer said the CVI treatment device has the potential to create a shorter treatment which would be more cost-effective from a health care provider standpoint.

CVI patients will be treated using an injection of a heated solution into the vein which would destroy the vein wall, Selzer said. Current treatments require additional preparation that will be avoided if the device works as anticipated.

Over 9 million Americans have the disease and Selzer said most patients with the disease seek treatment because they do not like the way the veins look or because they become painful.

John Merritt, a spokesman for the office of the Vice President for Research , said this will be the 11th company to come out of university research in the last 18 months.

The University is an equity partner in the company, but Merritt said XO Thermix is still in the process of securing additional funding to develop the technology.