Washington Company Secures $40 Million In Funding

peripheralPathway Medical Technologies, Inc. recently announced that it has secured a $40 million Series D round of financing, reports DeviceSpace. Raising such a large amount of capital is a rare achievement for a medical device venture, particularly in today’s tough economic climate. Pathway President and CEO Paul Buckman notes that since the end of 2007, only 11 percent of all medical device ventures have secured more than $25 million in financing. Buckman views their investors’ financial commitment as a positive endorsement of Pathway’s technology and team.

The company’s Jetstream G2 device is a revascularization catheter designed to treat peripheral arterial disease (PAD), a condition in which narrowed arteries reduce blood flow to the limbs. Jetstream G2 is designed to restore blood flow by clearing all types of plaque from the arteries. The technology, which was introduced in the original Jetstream device last September, has successfully treated more than 600 PAD patients across the country to date. PAD affects 12 million people in the U.S. annually. That number is expected to hit 20 million in the next 10 years.

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