Financings In Brief
This article was originally published in The Gray Sheet
Executive Summary
Pathway raises $40 mil. to boost atherectomy catheter roll out: Maker of the Jetstream G2 peripheral atherectomy catheter raises $40 million in a private placement announced March 30. Pathway Medical Technologies will use the proceeds "to continue to build its sales team, grow its manufacturing organization, continue product development and prepare for profitability," the firm says. Jetstream G2 gained 510(k) clearance Jan. 13 "for use in atherectomy of the peripheral vasculature," according to FDA. The device subsequently gained expanded clearance "specifically for use in breaking apart and removing thrombus (or blood clots) from the upper and lower extremity peripheral arteries," the Kirkland, Wash.-based company reported March 23. Jetstream G2 "offers specific design enhancements to Pathway's first-generation device," cleared in October 2008, the firm notes. Until now, peripheral atherectomy devices "have not been effective in removing all types of hard and soft tissue plaque," Pathway claims. Contributors to the latest financing round include Forbion Capital Partners, HLM Venture Partners, Latterell Venture Partners, Oxford Bioscience Partners and Giza Venture Capital