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FastWave Medical, a company that is developing clinical-stage medical devices in the category of intravascular lithotripsy systems for calcific artery disease, has sealed an oversubscribed financing round for $19 million. This puts the total money raised by the Minneapolis-based firm at more than $40 million and speaks to extraordinary confidence in its innovative cardiovascular treatment approach.
About FastWave Medical
Founded in 2021, FastWave Medical is pioneering the development of next-generation IVL technologies focused on improving procedural efficiency for physicians and patient care. The company’s IVL systems employ advanced laser-based technology to deliver durable, 360-degree sonic energy, thereby overcoming the challenges presented by calcified arterial lesions. This minimally invasive approach is designed to navigate complex arterial anatomies, providing a safer and more efficient treatment option for patients suffering from calcific artery disease.
Also read: Axial3D Secures $18.2 Million to Revolutionize Personalized Surgical Solutions
Funding Details
The funding round of $19 million has been led by Epic Venture Partners with participation from M&L Healthcare Investments and existing investors. This influx of capital is expected to drive fast-forward development momentum and fuel the ongoing regulatory and clinical work on its portfolio of IVL platforms.
Scott Nelson, co-founder and CEO of FastWave Medical, was thrilled about the investment, saying, “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. 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.”
Technological Innovations
FastWave’s IVL technology is a new step in the treatment of calcific artery disease. The company’s systems, using laser-based intravascular lithotripsy, deliver fast and durable energy to fracture calcified plaques within arteries. This method improves the safety and efficacy of procedures, potentially reducing the need for more invasive surgical interventions.
The company’s dedication to innovation is further shown by its recent successes, such as the successful completion of a first-in-human study earlier this year, which showed positive results. FastWave has also added new patents for its laser IVL technology to its intellectual property portfolio, which further strengthens its leadership position in the field.
Strategic Goals
With the new funding, FastWave Medical plans to:
- Accelerate Development: Expedite the development of its IVL systems for faster introduction of next-generation technologies.
- Regulatory Approvals: Advocate for ongoing regulatory programs to gain necessary approvals for clinical use.
- Clinical Studies: Fund clinical studies for further validation of the safety and efficacy of its IVL platforms.
- Market Readiness: Prepare for commercialization and global distribution of its IVL systems, positioned for increasing demand for efficacious treatments of calcific artery disease.
Increasingly, calcific artery disease is becoming more rampant with aging populations, bringing up the demand for treatments that are effective and can be implemented minimally invasively. Intravascular lithotripsy now has the potential to meet such a demand, replacing or providing alternatives to traditional surgical operations with less invasive approaches to its execution. FastWave Medical stands to play a core role in this evolving marketplace.
The IVL space has become highly visible, with many industry moves, including, for example, Johnson & Johnson’s $13.3 billion acquisition of Shockwave Medical earlier this year. Advancements by FastWave contribute to the dynamic landscape of cardiovascular treatments, offering potential improvements in patient outcomes and procedural efficiencies.
Summary
FastWave Medical, a clinical-stage company specializing in intravascular lithotripsy (IVL) systems for calcific artery disease, has successfully raised $19 million in an oversubscribed funding round. This brings the total capital raised to over $40 million. The funding will support the company’s efforts to accelerate the development and commercialization of its innovative IVL platforms, designed to offer minimally invasive solutions to patients suffering from calcified arterial lesions.