FastWave Medical announced today that it closed an oversubscribed funding round worth proceeds of $19 million.
Minneapolis-based FastWave, which develops intravascular lithotripsy (IVL) technologies, said the funding brings it to more than $40 million raised in total. Epic Venture Partners led the round, which had participation from M&L Healthcare Investments and the company’s existing investors.
The company said it expects the funding to develop momentum for and support its ongoing initiatives for its portfolio of IVL platforms.
FastWave develops laser-based IVL technology for treating calcific artery disease. Its platform offers durable and fast energy delivery with enhanced sonic output. The system helps to navigate complex arterial anatomy through a high-performing catheter. IVL remains a hot space, especially with Johnson & Johnson’s $13.3 billion acquisition of Shockwave Medical earlier this year.
The FastWave technology was used in a first-in-human study earlier this year, with the company reporting positive results in May. Earlier this month, the company announced another patent for its laser IVL technology.
“We are beyond thrilled to partner with physician-led investors like Epic and M&L who see the clinical promise and commercial viability of both our IVL systems,” said Scott Nelson, FastWave founder and CEO. This round of stage-appropriate funding is a testament to the confidence the market has in our approach and takes us one step closer to our goal of empowering interventionalists across the world with next-level IVL therapies.”
