The invention is directed to a grasping device and system and the method of using the device and system for capturing a thromboembolism and other objects or masses within a patient's body lumen, particularly from within a patient's cerebral blood vessels. The grasping device has an elongated core member with a grasping assembly of arms on the distal end of the core member which have an expanded and a contracted configuration. The expanded configuration permits the arms to surround an object such as a thrombus or clot and a contracted configuration to grasp or capture the object. The distal ends of the arms are provided with object grasping members such as one or more teeth to facilitate the capture and removal of the object. A delivery catheter and a shorter guide catheter aid in delivering the grasping device to the desired intravascular location within the patient.