Pathway Medical lands generous $40M to treat arterial disease

Pathway Medical Technologies, maker of a non-invasive catheter capable of removing all kinds of artery blockages and build-up, says it just scored $40 million in a fourth round of funding — a pretty high figure for a life science device manufacturer these days. Only about 11 percent of these companies have raised more than $25 million in the last two years. The Kirkland, Wash. company says it will use the money to grow its sales team and manufacturing operations.

Its lead product, the Pathway Jetstream G2, earned Food and Drug Administration approval this year, and is an enhanced version of its first catheter launched in September. It’s used by 100 medical centers across the U.S. and has already successfully treated 600 patients suffering from arterial disease, the company claims.

The round came from Forbion Capital Partners, HLM Venture Partners,Latterell Venture Partners, Oxford Bioscience Partners, Giza Venture Capital and a handful of private investors.