KIRKLAND, Wash., April 15 /PRNewswire/ --Pathway Medical Technologies, Inc., an innovator of endovascular treatments for peripheral arterial disease (PAD), announced today that it has successfully secured a $24.5 million Series C-1 round of financing. The financing was obtained from existing investors HLM Venture Partners, Latterell Venture Partners, Oxford Bioscience Partners, Forbion Capital Partners, Giza Venture Capital and individual investors.
"We are committed to Pathway's success," stated Martien van Osch, Managing Partner at Forbion Capital Partners and Pathway board member, "and given the clinical results, we expect strong market acceptance upon launch."
Tom Clement, Pathway's CEO and President, said, "We are delighted by the continued support of our investors. Their participation in this latest round of financing reflects their confidence in our ability to manufacture and bring a meaningful product to market -- one that we believe will have a positive impact on treatment options for patients with peripheral arterial disease."
The company will use these funds to prepare for commercialization, specifically to build a sales and manufacturing organization in anticipation of the market introduction of its Pathway PV(TM) Atherectomy System.
About Pathway Medical Technologies, Inc.
Pathway Medical Technologies, Inc. was founded to design, market and manufacture medical devices for the treatment of arterial disease. The company's initial focus is treating peripheral arterial disease (PAD) more quickly and effectively than existing technologies. An estimated 8-12 million people are afflicted by PAD in the U.S., and that number is projected to grow to over 20 million during the next 10 years. The company's Pathway PV(TM) Atherectomy System allows for a minimally invasive procedure designed to restore circulation in the peripheral arteries by removing both hard and soft diseased tissue. For further information, visit the company's Web site at www.pathwaymedical.com .
SOURCE Pathway Medical Technologies, Inc.