Shockwave Medical has raised $45m in a series C financing to advance the development of Lithoplasty balloon catheter platform into new therapeutic areas.
Sectoral Asset Management led the financing round, 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.
Shockwave Medical plans to use the proceeds to expand commercialization of the technology for the treatment of peripheral vascular disease in the US and European Union.
The company developed the Lithoplasty system to selectively target hardened calcium in patients with cardiovascular disease. It incorporates calcium-disrupting power of lithotripsy with balloon angioplasty.
Based on deliverable balloon catheter platform, the device emits intermittent sound waves (lithotripsy) that target and disrupt calcified plaques.
The firm plans to study Peripheral Lithoplasty devices in conjunction with drug coated balloons in a randomized controlled Disrupt PAD III trial. The company will recruit around 300 patients in the study.
Recently, the company secured approval from the US Food and Drug Adminstration (FDA) for Lithoplasty system to treat lithotripsy-enhanced balloon dilation of lesions, including calcified lesions, in the peripheral vasculature, including the iliac, femoral, ilio-femoral, popliteal, infra-popliteal and renal arteries.
Shockwave Medical CEO and co-founder Daniel Hawkins said: “We are very pleased to have Sectoral lead this financing with returning participation from our high quality investor base.
“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.”