San Diego medical device maker Volcano Corp. will acquire privately held AtheroMed Inc. for $115 million in cash, with aims to manufacture and commercialize the Menlo Park company’s devices that treat peripheral artery disease.

The deal is projected to close by the end of the current quarter, though Volcano could pay an additional $15 million if one of AtheroMed’s devices, called the Phoenix Atherectomy System, receives clearance from the Food and Drug Administration by November 15.

Volcano (Nasdaq: VOLC) primarily develops medical devices for diseases of the heart and circulatory system. AtheroMed’s Phoenix system device helps physicians clear out blockages from arteries, thus restoring blood flow to a patient’s ankle and foot. The market for this procedure, called an atherectomy, is estimated to be $350 million to $400 million, Volcano said.

AtheroMed is a venture-backed outfit founded in 2006 with backing from U.S. Venture Partners, Kaiser Permanente, The Vertical Group and others.

“We believe the potential of Phoenix to both grow the atherectomy market and achieve a strong market share position will facilitate our revenue, gross margin and operating income expansion goals,” Volcano CEO Scott Huennekens said, in a statement.

Volcano plans to begin a limited market release by the end of the year, and a full market release in early 2015. It will begin manufacturing the device at AtheroMed’s Menlo Park facility, but will transition to Volcano’s Costa Rica plant in late 2015.