New financing will further support the development of FastWave's proprietary intravascular lithotripsy systems.
MINNEAPOLIS, May 19, 2022 /PRNewswire-PRWeb/ -- FastWave Medical, a privately held company incubated by partners of Big Sky Biomedical, announced today the closing of the second tranche of its Series Pre-A financing. The latest phase of financing demonstrates the continued confidence from the company's investor in FastWave's ability to execute against its development milestones.
The second tranche was led by Grand Pharmaceutical Group Limited. The Asia-based company is engaged in the research & development, manufacturing, and commercialization of innovative pharmaceutical and biotechnology products, advanced medical devices, and nutritional products. Its core product portfolio covers several major therapeutic areas including cardio- and neurovascular devices, respiratory and ophthalmic treatments, and selective oncology therapies.
Proceeds from the second tranche of funding will be used to further advance research and development for FastWave's proprietary intravascular lithotripsy (IVL) systems for the treatment of calcific artery disease. The investment will also help the company achieve key regulatory initiatives for its technology platforms.
"It's been amazing to see our vision for FastWave come to life over the last year and we are extremely proud of our exceptional team of operators and engineers who continue to drive the development of our IVL systems forward. What we have accomplished since FastWave's inception is outstanding and the speed at which we're moving is truly impressive. We're looking forward to the next several months as our fast-moving group makes actionable progress on the targets we have in front of us," commented Scott Nelson, CEO of FastWave Medical and Managing Director of Big Sky Biomedical.
"When it comes to new investments, you can always tell within the first few months if a company is going to live up to the expectations or not. With FastWave, we've quickly and effectively demonstrated the ability to execute extraordinarily fast and exceed expectations. And with the definitive milestone-based acquisition agreement in place, we are very confident in our team's ability to stay relentlessly focused and meet the goals we have agreed upon. We are pleased to see the second tranche close as it's another strong sign of continual support and trust from our strategic investment partner," said JC Sun, Founding Partner and Managing Director of Big Sky Biomedical.
About FastWave Medical Inc.
FastWave Medical, a privately held company incubated by partners of Big Sky Biomedical, is focused on developing intravascular lithotripsy (IVL) systems for calcific artery disease that are procedurally efficient and cost-effective. To learn more about FastWave Medical, please visit https://fastwavemedical.com.
About Big Sky Biomedical, LLC
Founded by a group of medical device serial entrepreneurs with extensive expertise in the cardiovascular space, Big Sky Biomedical is a highly specialized incubator focused on rapid, capital-efficient therapy development. To learn more about Big Sky Biomedical, please visit https://bigskybiomedical.com.
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SOURCE FastWave Medical
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