Shockwave Medical has received $45 million in Series C financing, which the company plans to use to develop the its lithoplasty balloon catheter platform.
Sectoral Asset Management led the investment, according to a Nov. 22 news release. Other participants included mutual funds advised by T. Rowe Price Associates as well as returning investors such as Sofinnova Partners, Venrock, RA Capital, Deerfield and Ally Bridge Group.
In September, the FDA cleared the lithoplasty system to treat calcified plaque in patients with peripheral artery disease. The system contains an angioplasty balloon catheter device and sound waves known as lithotripsy.
The new funding will help Shockwave Medical test the lithoplasty system in new therapeutic areas, expand commercialization in the U.S. and Europe and pay for a randomized controlled study that will evaluate the system in patients with calcified peripheral artery disease.
This is the third round of funding for Shockwave Medical in less than three years. In January 2014, Sofinnova Partners led a $12.5 million Series A financing round, which made Sofinnova Partners the largest investor in Shockwave Medical. And in May 2015, Shockwave Medical received $40 million in funding, which was co-led by Sofinnova Partners and Venrock.
Executive Editor
Tim Casey joined TriMed Media Group in 2015 as Executive Editor. For the previous four years, he worked as an editor and writer for HMP Communications, primarily focused on covering managed care issues and reporting from medical and health care conferences. He was also a staff reporter at the Sacramento Bee for more than four years covering professional, college and high school sports. He earned his undergraduate degree in psychology from the University of Notre Dame and his MBA degree from Georgetown University.