Shockwave Medical has announced the closing of US$45 million in Series C financing led by Sectoral Asset Management, with participation from mutual funds advised by T Rowe Price Associates and returning investors including Sofinnova Partners, Venrock, RA Capital, Deerfield, Ally Bridge Group and others.
Proceeds from the financing will be used to advance development of the company’s Lithoplasty balloon catheter platform into new therapeutic areas and to expand commercialisation of the technology for the treatment of peripheral vascular disease in both the USA and the EU. The company’s near-term plans also include further study of peripheral llithoplasty devices in conjunction with drug coated balloons in a 300+ patient randomised controlled study called DISRUPT PAD III.
Shockwave Medical recently achieved of a series of important milestones including:
- US Food and Drug clearance of the company’s Lithoplasty system for lithotripsy-enhanced balloon dilation of lesions, including calcified lesions, in the peripheral vasculature, including the iliac, femoral, iliofemoral, popliteal, infrapopliteal and renal arteries.
- Announcement of the upcoming DISRUPT PAD III study, the largest ever multicentre randomised study designed to exclusively enrol patients with calcified peripheral artery disease. The study will provide physicians foundational Level I evidence to guide therapy in this difficult-to-treat patient cohort.
- Presentation of positive results from the first study of Lithoplasty technology in the treatment of patients with calcified coronary artery disease.
“Shockwave is on a very successful trajectory to address the growing burden of calcium in cardiovascular disease using Lithoplasty,” says Antoine Papiernik, managing partner of Sofinnova Partners. We are very pleased to add our continued support to that provided by a very strong investment syndicate. “Collectively, this investor base offers the breadth of resources and depth of commitment needed to support the company’s vision of changing the treatment of advanced cardiovascular disease.”