Shockwave Medical raises $45m Series C for Lithoplasty device

Shockwave Medical said today that it raised a $45 million Series C round for the Lithoplasty device it developed to treat calcified vasular lesions. Fremont, Calif.-based Shockwave said Sectoral Asset Management led the round, joined by new backer T. Rowe Price and existing investors Sofinnova Partners, Venrock, RA Capital, Deerfield, Ally Bridge Group and others. Shockwave said it plans to use the funds to expand the commercial footprint for the Lithoplasty device, which won 510(k) clearance from the FDA in September for treating peripheral artery disease. The device is designed to use intermittent lithotripsy pulses to disrupt superficial and deep vascular calcium and an angioplasty balloon to expand blockages at low pressures to restore blood flow. The company also plans to use the cash to explore other indications for the technology and to investigate the use of Lithoplasty with drug-coated balloons in the 300-patient Disrupt PAD III study. “We are very pleased to have Sectoral lead this financing with returning participation from our high quality investor base,” co-founder & CEO Daniel Hawkins said in prepared remarks. “Lithoplasty is poised to be a paradigm-changing technology for the treatment of advanced cardiovascular disease. This financing will enable the company to continue taking the steps necessary to ensure the technology reaches its full potential.” “When you consider the treatment challenges created by calcified lesions...
Source: Mass Device - Category: Medical Equipment Authors: Tags: Funding Roundup Vascular Wall Street Beat Shockwave Medical Source Type: news