CathWorks said today that it closed a $30 million Series C round of financing to support its FFRangio non-invasive fractional flow reserve tech.
The FFRangio system is designed to provide objective FFR guidance for optimizing percutaneous coronary intervention therapy decisions, the Israel-based company said. FFRangio is derived from routine X-rays during diagnostic angiogram procedures and is performed intra-procedurally during coronary angiography to reduce risk and cost associated with invasive FFR.
“We are excited for the investment to support FFRangio market entry and continue with technical and clinical acceleration. As always, we want to thank our clinical development partners in Israel, the United States, and Europe for enabling us to reach this exciting milestone,” co-founder Guy Lavi said in a prepared statement.
The round was led by Deerfield Management, CathWorks said.
“The CathWorks FFRangio platform technology has the potential to become standard of care in PCI and other interventions where physiologic assessment is critical to determining which patients would benefit from revascularization. We believe there is tremendous clinical and economic potential for all stakeholders, including clinicians, patients and payors,” Deerfield Management principal Dr. Andrew ElBardissi said in a press release.
“We are delighted to have such a notable investor leading this round and for the continued full participation of our existing syndicate of investors. Our company was fortunate to have tremendous excitement around the CathWorks FFRangio System following release of the FAST-FFR clinical study results. This funding, coupled with our recent FDA 510(k) clearance, paves the way for acceleration of our clinical and commercial activities in the United States,” CEO Jim Corbett said in prepared remarks.
Last December, CathWorks said that it won FDA 510(k) clearance for its FFRangio tech.