FastWave Medical this week announced that it has closed its Series Pre-A financing round following its recent acquisition by China Grand Pharmaceutical and Healthcare Holdings.
Minneapolis-based FastWave Medical, incubated by Big Sky Biomedical partners, earmarked the funds to advance research and development and to achieve key regulatory initiatives for its endovascular therapies to treat calcific artery disease.
“Current interventional approaches for atherosclerosis can be anatomically limited, procedurally complex, or result in complications such as dissection, perforation, or embolization. FastWave’s proprietary technology aims to address these challenges with a safe, simple, and effective system that has the potential for becoming a new standard of care,” CEO Scott Nelson said in a news release.
The acquisition by China Grand Pharmaceutical was previously announced on August 2. China Grand Pharmaceutical will acquire 100% equity of FastWave Medical with up to a total of $72 million by phases and will invest up to total $8 million for supporting and jointly developing an intravascular shockwave calcification treatment system.
Under the terms of the investment plus acquisition agreement, upon FastWave’s completion of key technical, clinical and regulatory milestone, it will be acquired subject to the satisfaction of closing conditions in the agreement.
“We are extremely pleased to see FastWave close this round of financing. With the milestone-based acquisition agreement in place, it demonstrates strong support and confidence from our strategic partner,” JC Sun, founding partner of Big Sky Biomedical, said. “We were able to form the company and complete this transaction in less than 6 months. Not only am I very confident in the execution capabilities of our team, but we look forward to furthering our development efforts and demonstrating the next-level performance of FastWave’s platform to simplify and improve the safety and efficacy of endovascular arterial procedures for both physicians and patients.”