REDMOND, Wash., March 23 /PRNewswire/ -- Pathway Medical Technologies, Inc. announced today that it has closed a $10.1 million round of financing. The financing was led by Accelerated Technologies, Inc. (ATI), a cardiovascular device accelerator that utilizes a unique combination of physician luminaries and venture capital investors to accelerate early stage companies on their path to market. Oxford Biosciences of Boston, ABN Amro Capital of the Netherlands, and Israel’s Giza Venture Capital invested $9.1 million. Existing Pathway shareholders contributed the other $1 million of the investment.
Pathway Medical is developing proprietary, catheter-based products for minimally invasive treatment of a variety of arterial diseases. The company’s technology is used to remove blockages (atherosclerotic plaque and thrombus) from arteries to re-establish blood flow to critical areas of the body. The current investment will be used to address the serious problem of Critical Limb Ischemia (CLI), or lack of adequate blood flow in the legs. CLI has been diagnosed in more than 750,000 patients in the US alone. The existing treatments include many therapies that are also used for heart disease, including angioplasty, stents, and bypass surgery. These therapies have not proven adequate, however, and as a result more than 150,000 legs are amputated each year in the US. While the disease has many similarities to heart disease, there are differences in the arteries, which make some of the common heart treatments less effective.
Pathway’s system utilizes high speed rotating scrapers, combined with a sophisticated aspiration system, to remove the arterial disease through a small puncture site. The current financing will allow Pathway to conduct clinical trials in CLI, and to apply to the US FDA for clearance to market the Pathway system.
Tom Clement, Pathway’s CEO says, “We are thrilled to have completed this financing, and to have the means to address this very serious manifestation of arterial disease. These patients are limited in their daily routine activities, and due to their immobility face additional serious health challenges. We look forward to providing interventional physicians with a tool which will address this problem in a simple and effective way.” Tom adds, “It is rewarding to have the confidence of the investors to continue the development of the Pathway system and the means to bring it to market.”
Dr. Peter Fitzgerald, an Interventional Cardiologist at Stanford’s School of Medicine in Palo Alto, CA, and a member of the ATI physician group, has been tracking Pathway and their development for several years. Dr. Fitzgerald notes, “I have watched Pathway’s technology mature. This experienced team has developed a product which has the potential to address a difficult and serious clinical problem. I like Pathway’s solution because it can deal with multiple forms of arterial disease, and it evacuates the offending disease.”
Pathway Medical Technologies, Inc. was founded in 1998 to design, develop, manufacture and distribute innovative medical products to health care professionals.
For further information, please contact: Tom Clement Mike Behlke, President and CEO VP Finance and COO 425-497-1063 425-497-9942 clementt@pathwaymedical.combehlkem@pathwaymedical.com
Pathway Medical Technologies, Inc.
CONTACT: Tom Clement, President and CEO, +1-425-497-1063, orclementt@pathwaymedical.com, or Mike Behlke, VP Finance and COO,+1-425-497-9942, or behlkem@pathwaymedical.com, both of Pathway MedicalTechnologies, Inc.
Web site: http://www.pathwaymedical.com/