FastWave Medical announced that it closed an oversubscribed, multi-million-dollar private financing round.
The Minneapolis-based medical device company says the financing — secured in just a few weeks — highlights the growing interest in its offerings. FastWave develops systems for multiple intravascular lithotripsy (IVL).
“Since the inception of our company, we’ve received considerable inbound interest from potential investors,” said Scott Nelson, FastWave co-founder and CEO. “But when we opened up this private placement, we were blown away by the response. This financial milestone, combined with the speed at which our engineering team is moving, underscores FastWave’s momentum in the IVL space.”
Founded two and a half years ago, FastWave aims to address the challenges of artery calcification through differentiated IVL platforms. Its multiple systems could provide physicians with more treatment options that are economical and easy to use, the company says.
FastWave plans to use the latest funding to bolster the development of its IVL systems. It looks to propel its key pre-clinical and clinical initiatives. The company says the financing — which had participation from “esteemed physician KOLs and leading industry stakeholders” — highlights the medical community’s trust in its capabilities.
“The utilization of IVL in clinical practice continues to increase and our commitment to differentiated, procedurally-efficient, and cost-effective systems is unwavering,” Nelson said. “I’m thankful for our board of directors and their recognition of the significant upside for our company. In addition, I’m grateful to have such an impressive list of physician KOLs and medical device industry professionals demonstrate their confidence in our team as we aim to seize the tremendous opportunities ahead for FastWave.”
