Shockwave Medical announced $40 million in funding for its novel balloon catheter designed to treat calcified lesions in the peripheral vasculature.
Investors include prior backer Sofinnova Partners and newcomer Venrock, as well as RA Capital, Deerfield, Sectoral Asset Management, Ally Bridge group and 2 undisclosed large-cap investors, Fremont, Calif.-based Shockwave said.
All proceeds from the funding are slated for development of Shockwave’s "lithoplasty" balloon catheter used to treat advanced peripheral, coronary vascular and aortic valve disease, the company said.
"We are very pleased to work with such a high-quality group of investors to continue advancing the development of lithoplasty. We believe the lithoplasty system is uniquely suited to address substantial unmet needs in the treatment of patients with peripheral, coronary and aortic valve disease using a balloon-based approach that is inherently familiar to physicians. Our returning and new investors provide us the depth of resources and breadth of support needed to achieve our goal of changing the paradigm in the treatment of advanced cardiovascular disease," CEO Daniel Hawkins said in a prepared statement.
Last month, Shockwave presented data on a 35-patient study showing a 100% efficacy rate with the lithoplasty balloon, defined as less than 50% residual stenosis with or without adjunctive angioplasty (device success was at 87% using lithoplasty alone). The company won CE Mark approval in the European Union in January.