Shockwave Medical said today that it raised a $45 million Series C round for the Lithoplasty device it developed to treat calcified vasular lesions.
Fremont, Calif.-based Shockwave said Sectoral Asset Management led the round, joined by new backer T. Rowe Price and existing investors Sofinnova Partners, Venrock, RA Capital, Deerfield, Ally Bridge Group and others.
Shockwave said it plans to use the funds to expand the commercial footprint for the Lithoplasty device, which won 510(k) clearance from the FDA in September for treating peripheral artery disease. The device is designed to use intermittent lithotripsy pulses to disrupt superficial and deep vascular calcium and an angioplasty balloon to expand blockages at low pressures to restore blood flow.
The company also plans to use the cash to explore other indications for the technology and to investigate the use of Lithoplasty with drug-coated balloons in the 300-patient Disrupt PAD III study.
“We are very pleased to have Sectoral lead this financing with returning participation from our high quality investor base,” co-founder & CEO Daniel Hawkins said in prepared remarks. “Lithoplasty is poised to be a paradigm-changing technology for the treatment of advanced cardiovascular disease. This financing will enable the company to continue taking the steps necessary to ensure the technology reaches its full potential.”
“When you consider the treatment challenges created by calcified lesions, it is clear there is a large market opportunity for Lithoplasty. The strong clinical results generated using a device built on a balloon-based platform offer a unique and compelling alternative to currently available therapies,” added Sectoral Asset Management co-founder & chief investment officer Michael Sjöström. “We look forward to supporting the management team as they take the company, and technology, to the next level.”
“Shockwave is on a very successful trajectory to address the growing burden of calcium in cardiovascular disease using Lithoplasty,” Sofinnova managing partner Antoine Papiernik said in prepared remarks. “We are very pleased to add our continued support to that provided by a very strong investment syndicate. Collectively, this investor base offers the breadth of resources and depth of commitment needed to support the company’s vision of changing the treatment of advanced cardiovascular disease.”