Pathway Medical has scored $40 million as part of a venture funding round that the Kirkland medical device maker hopes to finalize at $55 million, according to a report by Xconomy. It follows a $24.5 million round that closed last April with participation from HLM Venture Partners, Oxford Bioscience Partners, Forbion Capital Partners, Giza Venture Capital and others.
Earlier this week, the company received FDA clearance to being marketing its Jetstream G2 technology for the specific use of breaking apart and removing blood clots in peripheral arteries in the arms and legs. The company says that more than 12 million suffer from peripheral arterial disease in the U.S., a number that is expected to top more than 20 million in the next 10 years. The product has been used on 600 patients.
The Pathway device -- first approved by the FDA in January -- removes plaque, clots and lesions from arteries. Last October, the company named Paul Buckman as chief executive, who replaced co-founder Tom Clement. Buckman previously served as CEO of Devax and eV3.
A spokeswoman for Pathway declined to confirm the financing deal, but Buckman did confirm the amount in the Xconomy story and said the company is targeting profitability in 2011. The company said a formal announcement will be made in a few days.
The venture deal is the largest in the state so far this year, and the biggest since Big Fish Games reeled in $83 million last September.
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