CathWorks Announces Completion of $30 Million Financing
KFAR-SABA, Israel & ALISO VIEJO, Calif.--(BUSINESS WIRE)--Feb 4, 2019--CathWorks announced the completion of a $30 million Series C financing round led by Deerfield Management.
Jim Corbett, CathWorks CEO, stated, “We are delighted to have such a notable investor leading this round and for the continued full participation of our existing syndicate of investors. Our company was fortunate to have tremendous excitement around the CathWorks FFR angio™ System following release of the FAST-FFR clinical study results. This funding, coupled with our recent FDA 510(k) clearance, paves the way for acceleration of our clinical and commercial activities in the United States.”
Deerfield Management Principal, Andrew ElBardissi, MD, added, “The CathWorks FFR angio platform technology has the potential to become standard of care in PCI [percutaneous coronary intervention] and other interventions where physiologic assessment is critical to determining which patients would benefit from revascularization. We believe there is tremendous clinical and economic potential for all stakeholders, including clinicians, patients and payors.”
The CathWorks System received United States Food & Drug Administration 510(k) clearance on December 19, 2018. The predicate used for demonstrating substantial equivalence was conventional invasive FFR as demonstrated during the FAST-FFR clinical study.
The CathWorks FFR angio System quickly and precisely delivers the objective FFR guidance needed to optimize PCI therapy decisions for every patient across the full coronary tree. It is non-invasive and performed intra-procedurally during coronary angiography without adding additional clinical risk or per-procedure costs.
CathWorks co-founder Guy Lavi commented, “We are excited for the investment to support FFR angio market entry and continue with technical and clinical acceleration. As always, we want to thank our clinical development partners in Israel, the United States, and Europe for enabling us to reach this exciting milestone.”
CathWorks is a medical technology company focused on applying its advanced computational science platform to optimize PCI therapy decisions and elevate coronary angiography from visual assessment to an objective FFR-based decision-making tool for physicians. FFR-guided PCI decision-making is proven to provide significant clinical benefits for patients with coronary artery disease and economic benefits for patients and payers. The company’s focus is specifically on bringing the CathWorks FFR angio System to market to provide quick, precise, and objective intraprocedural FFR guidance that is practical for every case. For more information, visit www.cath.works.
About Deerfield Management
Deerfield Management is an investment management firm, committed to advancing healthcare through investment, information and philanthropy. For more information about Deerfield Management, please visit www.deerfield.com.
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CONTACT: Jim Corbett, CEO
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA MIDDLE EAST ISRAEL
INDUSTRY KEYWORD: SURGERY TECHNOLOGY VENTURE CAPITAL OTHER TECHNOLOGY HEALTH CARDIOLOGY MEDICAL DEVICES PROFESSIONAL SERVICES FINANCE FDA
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PUB: 02/04/2019 06:00 PM/DISC: 02/04/2019 06:00 PM