May 20, 2009
Investor, WRF Capital Leads $42.5 Million Investment in Series D Funding for Pathway Medical Technologies
Based in Kirkland, Washington, Pathway Medical Technologies is a company that develops innovative treatments for endovascular diseases which affect the peripheral arteries has announced that it has received $42.5 million in series D funding with WRF Capital leading the funding. WRF contributed $1.5 million to this round of funding with other investors providing the rest of the $42.5 million. These investors include Forbion Capital Partners, Giza Venture Capital, HLM Venture Partners, Latterell Venture Partners, Oxford Biosciences, and other private investors.
Pathway Medical Technologies is a company that was founded with the sole purpose of designing, marketing and manufacturing medical devices for arterial diseases. The company mainly focuses on the invention of devices to treat peripheral arterial disease that can provide faster results than the devices out on the market for the same diseases. According to the companyâ€™s data, over 12 million Americans suffer from PAD and the number is expected to grow, therefore the need for more treatment options for this disease will arise.
According to Thong Q. Le, managing director of WRF Capital, WRF Capital looks for companies which are located in Washington State that have an impressive intellectual property and are developing technologies on the basis of that property. As far as Pathway Medical Technologies is concerned, the company exceeds all the criteria for investments from WRF. For being less than a year old, Pathway Medical Technologies has brought some innovative technologies to the marketplace that meet the growing need to effectively treat PAD.
According to Pathwayâ€™s COO, Mike Behlke, WRF Capital has been playing for years a key role in the development of new technologies coming out of Washington State, and the team at Pathway Medical Technologies is very excited to be working with such a strong organization to advance the companyâ€™s products to the marketplace.
WRF Capital is the vc arm of the Washington Research Foundation, which is a nonprofit organization that is dedicated to help universities and life science companies within the State of Washington. The organization was founded in 1981 and has significantly helped the development and licensing of various products, including the Hepatitis B Vaccine, blood clotting factors, and wireless technologies using the Bluetooth protocol.
Forbion Capital Partners was founded in 2000 and primarily invests in companies that are in the life sciences and biomedical technology industries. The vc firm invests in both early and late clinical stage companies with innovative drugs or treatments for diseases which have many unmet needs. Some companies in Forbionâ€™s portfolio include Acadia Pharmaceuticals, Accelerated Technologies, Amt., Argenta, Biovex, and others.
Founded in 1992, Giza Venture Capital is a vc firm that invests in seed and early stage funding for companies in the tech industry. All the partners at Giza have previously held executive positions in companies and have the knowledge of how to run a successful company. Some of the companies in Gizaâ€™s portfolio include Butterfly(acquired by IT), Advasense, Altair Semiconductor, Lucid, and others.
HLM Venture Partners has offices in both Boston and San Francisco and is a vc firm that primarily invests in the healthcare industry. HLM has, since its inception, invested in 60 different companies, some of which are: Animas, Aspect, Ciphergen, Exact, Soteira, Sinal Concepts, and others.
For more information on Pathway Medical Technologies, click here.