Shockwave Medical has reported US$35 million in new financing, an extension of the company’s previously announced US$45 million Series C financing. New investor Fidelity Management & Research Company participated, along with certain funds and accounts advised by T Rowe Price Associates Inc, a returning investor.
Proceeds from the financing will be used to expand commercialisation and advance clinical development of the company’s peripheral and coronary lithoplasty systems in the USA and Europe and to advance development of a program evaluating the technology as a potential treatment for aortic valve stenosis.
“We feel extremely fortunate to have received this investment particularly coming from these two funds,” said Doug Godshall, president and CEO of Shockwave Medical. “This infusion enables us to move multiple preclinical, clinical and commercial initiatives forward with greater certainty. Specifically, we will be better equipped to accelerate our commercialisation efforts, prepare for the launch of our below-the-knee device globally and our coronary platform outside the USA next year, as well as to commence a chronic human feasibility study of our transcatheter aortic valve lithotripsy system in the first half of the year.”
The peripheral lithoplasty system is an innovative therapy designed to treat calcified leg artery blockages with lithotripsy, sonic pressure waves historically used to treat patients with kidney stones. The technology is now commercially available in both the USA and Europe for the treatment of calcified plaque in peripheral arteries. In addition, the coronary lithoplasty system received CE mark earlier this year.