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Shockwave medical raises a fund of $45 million targeting calcified plaque

Shockwave medical recently raised a 45 million dollars series C round for

Lithoplasty device which will be used to treat calcified vascular lesions. Fremont

Calif said sectoral asset management led the round joined by existing investors RA

capital, Deerfield, Venrock, Sofinnova partners and any others. Shockwave said

that it plans to utilize the funds for the expansion of commercial footprint for the

Lithoplasty device. The company is also planning to utilize cash to look at other

suggestions for the technology and to examine the usage of Lithoplasty with drug-

coated balloons. Co-founder and CEO Daniel Hawkins said in prepared remarks

that “we are delighted to have Sectoral lead this financing with returning

participation from our first-rate investor base”, and promised that this financing

will enable the company to continue taking steps essential; to ensure the

technology reaches its full potential. Sofinnova managing partner Antoine

Papiernik said that “we are satisfied to add our continued support to that

provided by very powerful investment syndicate. Jointly, this investor base

provides the breadth of resources and depth of obligation needed to hold up the

company’s vision.

Shockwave Company will be using the finance to advance the development of

company’s Lithoplasty balloon catheter platform into a novel therapeutic vascular

disease in both the US and the European Union. The company plan also include

next level study of Peripheral Lithoplasty devices jointly with drug-coated balloons

in 300 above patient randomized study known as disrupt pad III. “The powerful

clinical results generated using a device built on a balloon based platform provide

a compelling option to latest available therapies”, said co-founder Michael

Sjostrom.

Shockwave medical is a company founded in 2009 in Fremont, California and

which develops devices for the advanced treatment of cardiovascular disease

targeting calcified plague. Its technology which is based on lithoplasty is powered

by treatment system that comprises of connector cable, Lithoplasty balloon cath

catheters, and a generator.

Source: www.businesswire.com

Shockwave medical raises a fund of $45 million targeting calcified plaque
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