Pathway Medical Technologies, Inc., an innovator of endovascular treatments for peripheral arterial disease (PAD), today announced that it has successfully secured a $40 million Series D round of financing. This new round of funding includes participation from Forbion Capital Partners, HLM Venture Partners, Latterell Venture Partners, Oxford Bioscience Partners, Giza Venture Capital and individual investors.
“The environment for raising financing today is extremely challenging, especially for venture capital, and it’s been reported that only 11 percent of all medical device venture capital financings have been more than $25 million since the end of 2007,” said Pathway Medical Technologies President and CEO Paul Buckman. “Without question, this financial commitment from our investors is a positive endorsement of Pathway’s technology and, more importantly, our strong team of people. In the last year, Pathway has made incredible strides transforming the paradigm of PAD treatment and we are extremely proud of the confidence and ongoing support demonstrated by our investors.”
“We have seen significant momentum from Pathway since Jetstream went to market in late 2008, and we are committed to being part of the company’s success moving forward,” said Martien van Osch, Managing Partner at Forbion Capital Partners. “Forbion has seen first hand the strong market acceptance of Jetstream in just the first few months since FDA clearance, and we believe that this technology will have a positive impact on treatment options for patients with PAD in the U.S. and Europe.”
Pathway will use these funds to continue to build its sales team, grow its manufacturing organization, continue product development and prepare for profitability.
The Pathway Jetstream G2™, cleared by the FDA in 2009, is a peripheral revascularization catheter designed to remove all types of artery-clogging plaque, from calcium to thrombus. Jetstream G2 offers specific design enhancements to Pathway’s first-generation device launched in September 2008. The product just received an additional indication for the removal of thrombus, creating new options for physicians treating PAD. This innovative and minimally invasive solution clears blockages in the peripheral vasculature, restores blood flow and effectively treats PAD. Today, Jetstream G2™ is in use at more than 100 centers across the country, including: New York-Presbyterian Hospital in New York; Cardiovascular Consultants of Washington in Seattle; St. John Hospital and Medical Center in Detroit; Wellstar Kennestone Hospital in Atlanta; Arizona Heart Institute in Phoenix; Kaleida Healthcare in Buffalo and Leesburg Regional Hospital in Leesburg, Florida. The technology has been used to successfully treat more than 600 patients suffering from PAD to date.
About Pathway Medical Technologies, Inc.
Pathway Medical Technologies, Inc. was founded to design, market and manufacture medical devices for the treatment of arterial disease. The company’s initial focus is treating peripheral arterial disease (PAD) more quickly and effectively than existing technologies. An estimated 12 million people are afflicted by PAD in the U.S. and that number is projected to grow to over 20 million during the next 10 years. The company’s Jetstream® and Jetstream G2™ devices allow for a minimally invasive procedure designed to restore circulation in the peripheral vasculature by removing both hard and soft diseased tissue. For further information, visit the company’s Web site at www.pathwaymedical.com.
