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Shockwave Medical raises $12.5m in Sofinnova-led Series A

27 Jan 2014

hospital_healthcare_plaster_170sqSofinnova Partners has become the largest shareholder in Shockwave Medical after leading a $12.5m Series A funding round for the intravascular devices developer.

The company said the funds will be used to support the development and clinical study of its devices for the treatment of advanced peripheral and coronary artery disease.

Shockwave’s Lithoplasty system is designed many of the limitations associated with existing surgical, catheter and pharmacological treatment alternatives.

This system was first used in patients with highly calcified peripheral artery disease (PAD) in New Zealand in 2012.

The company is currently preparing enrolment in their CE Mark study for PAD in Europe and New Zealand.

Shockwave CEO Daniel Hawkins said, “This significant fundraising led by Sofinnova Partners will enable completion of a clinical study in PAD, allowing us to seek regulatory approval for this important, first indication.

“In addition, the funds will be used to drive the development of our coronary and valve systems that have the potential to transform the standard of care for the treatment of calcified vascular and valvular disease.”

Sofinnova’s other portfolio companies include women’s reproductive drug medicine maker ObsEva, which raised €25.6m in a Series A round last year.

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