Shockwave Medical, a Fremont, Calif.-based developer of a treatment of peripheral and coronary vascular disease, raised $40m in funding.
The round was co-led by existing investor Sofinnova Partners and new investor Venrock, with participation from RA Capital, Deerfield, Sectoral Asset Management, Ally Bridge Group, and two undisclosed large-cap strategic investors.
The company intends to use the funds for development of its Lithoplasty® balloon catheters in peripheral, coronary and aortic valve applications.
Led by CEO and co-founder Daniel Hawkins, Shockwave Medical is advancing Lithoplasty® technology, a solution delivered on a standard balloon catheter platform for the treatment of peripheral and coronary vascular disease and aortic stenosis. .
Lithoplasty is a novel balloon-based technology that utilizes integrated lithotripsy, a pulsatile mechanical energy commonly used to break up kidney stones, to disrupt both superficial and deep calcium and normalize vessel wall compliance prior to low-pressure balloon dilatation.
Clinical work will begin in aortic valves within the coming year. Shockwave has received CE Mark for use of Lithoplasty in the treatment of peripheral vascular disease. It is not available for sale in the United States.