Shockwave Medical, a Fremont, Calif.-based developer of treatments for calcified cardiovascular disease, closed a $45m Series C financing.
The round was led by Sectoral Asset Management, with participation from mutual funds advised by T. Rowe Price Associates, Inc. and existing investors Sofinnova Partners, Venrock, RA Capital, Deerfield, Ally Bridge Group and others.
The company intends to use the funds to advance development of its Lithoplasty® balloon catheter platform into new therapeutic areas and to expand commercialization of the technology for the treatment of peripheral vascular disease in both the United States and the European Union.
Led by CEO and co-founder Daniel Hawkins, Shockwave Medical is advancing Lithoplasty® balloon catheter platform for the treatment of calcified peripheral vascular, coronary vascular and heart valve disease. Built on a deliverable balloon catheter platform, the device emits intermittent sound waves (lithotripsy) that target and disrupt calcified plaques, which then require only a low-pressure balloon inflation to dilate the blockage and restore blood flow.
The result is an effective and consistent revascularization of calcified lesions while minimizing complications.
The Peripheral Lithoplasty System is commercially available in the European Union and the United States for the treatment of peripheral vascular disease.