Shockwave Medical has secured $12.5 million in Series A financing. Sofinnova Partners led the round. Also, the company has appointed Antoine Papiernik of Sofinnova Partners to its board of directors. Shockwave is a maker of intravascular devices for patients with challenging calcified cardiovascular disease.
Fremont, California (USA), and Paris (France), January 26, 2014. Shockwave Medical, Inc. (“Shockwave”), a developer of innovative intravascular devices for patients with challenging calcified cardiovascular disease, has closed a $12.5 million Series A financing. This round was led by Paris-based Sofinnova Partners, which becomes the largest investor in the company. In conjunction with the financing, Antoine Papiernik at Sofinnova Partners has joined the Shockwave Board of Directors.
Shockwave was founded by Daniel Hawkins, John Adams and Dr. Todd Brinton. Mr. Hawkins previously co-founded Calibra Medical (sold to Johnson & Johnson in 2012), and has worked in the medical device industry for a number of companies including Intuitive Surgical and Advanced Cardiovascular Systems (Abbott Vascular) over the past 20 years. John Adams was previously a co-founder of Calibra Medical, Endogastric Solutions and InControl (sold to Guidant in 1998), and has worked in the medical device industry over the past 35 years. Dr. Brinton is a Clinical Associate Professor and Interventional Cardiologist at Stanford University. He is also the Fellowship Director and Co-director of the graduate course in Biodesign Innovation at Stanford.
The funds raised in this financing will be used to support the development and clinical study of Shockwave’s devices for the treatment of advanced peripheral and coronary artery disease. The company’s novel Lithoplasty™ system combines the ease and familiarity of traditional balloon angioplasty catheters with the power of lithotripsy into a simple solution designed to address many of the limitations associated with existing surgical, catheter and pharmacological treatment alternatives.
Shockwave’s Lithoplasty™ system has been in development since 2010 and was first used in patients with highly calcified peripheral artery disease (PAD) in New Zealand in 2012. The company is now preparing enrollment in their CE Mark study for PAD in Europe and New Zealand.
Mr. Hawkins, Shockwave’s CEO, commented: “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.”
Dr. Andrew Holden, who conducted the First in Human trial of Shockwave’s Lithoplasty™ system in New Zealand noted, “The Shockwave technology could address one of the last critical challenges in treating patients with arterial vascular disease in a way that is familiar, simple to use and very effective while remaining gentle on patient anatomy.”
Shockwave Chairman, Fred Moll added, “There are a range of exciting approaches to vascular and structural heart disease that the Shockwave Lithoplasty™ technology could enable. With the closing of this round the team now has the ability to pursue its plan to improve treatment outcomes for patients and their physicians.”
Antoine Papiernik, Managing Partner at Sofinnova Partners, added: “As clinicians are faced with more and more patients presenting complex calcified vascular and valvular lesions, we believe that Shockwave could provide an important solution to effectively treat this growing population. We are thrilled to be partnering with Shockwave to enable them to realize their vision.”
About Shockwave Medical
Shockwave Medical is developing the Lithoplasty™ family of balloon dilatation catheters that incorporate tiny lithotripsy electrodes designed to increase the compliance of rigid vascular and valvular lesions prior to low-pressure dilation, thereby limiting injury to healthy tissue and overcoming significant limitations of current revascularization technologies. The technology is built on traditional balloon catheter platforms rendering it inherently familiar and easy to use for cardiologists, interventional radiologists and vascular surgeons alike. In peripheral vessels, Lithoplasty™ could enable more effective angioplasty, less frequent bailout stent usage and enhanced lesion preparation prior to the use of drug eluting balloons (DEB) or bio-absorbable vascular scaffolds (BVS). In coronary vessels it could facilitate stent delivery and enhance vessel preparation prior to stent or BVS placement. Finally, in aortic valves the technology could vastly improve native tissue preparation prior to trans-catheter aortic valve replacement (TAVR) and valvuloplasty for those patients not suitable for TAVR.
For more information, go to www.shockwavemedical.com
About Sofinnova Partners
Sofinnova Partners is an independent venture capital firm based in Paris, France. For more than 40 years, the firm has backed nearly 500 companies at different stages of their development – pure creations, spin-offs, as well as turnaround situations – and worked alongside Europe’s key entrepreneurs in the Life Sciences industry. With over €1.3 billion of funds under management,
Sofinnova Partners has created market leaders with its experienced team and hands-on approach in building portfolio companies through to exit.
For more information, go to www.sofinnova.fr