FastWave Medical, a Company Incubated by Partners of Big Sky Biomedical, Closes Series Pre-A Financing and Milestone-based Acquisition
Minority investment will be used to accelerate development and global expansion of the company's novel endovascular therapies for arterial disease, and includes acquisition obligations upon the completion of key technical, clinical, and regulatory milestones.
MINNEAPOLIS, Aug. 23, 2021 /PRNewswire-PRWeb/ -- FastWave Medical Inc., a company incubated by partners of Big Sky Biomedical, announced today the closing of its Series Pre-A financing, led by an Asian strategic partner. The minority investment will be used to advance research & development and achieve key regulatory initiatives for the company's novel endovascular therapies for the treatment of calcific artery disease. In addition, the strategic partner will assist FastWave Medical in accelerating global expansion by bringing its cutting-edge technology to China.
"Current interventional approaches for atherosclerosis can be anatomically limited, procedurally complex, or result in complications such as dissection, perforation, or embolization. FastWave's proprietary technology aims to address these challenges with a safe, simple, and effective system that has the potential for becoming a new standard of care," commented Scott Nelson, CEO of FastWave Medical and Managing Director of Big Sky Biomedical.
Atherosclerosis is a disease in which arteries become narrowed by the progressive growth of plaque in the vessel wall, which often evolves into calcium deposits that may restrict blood flow. These rigid, calcified structures result in arteries that are difficult to safely reopen with conventional therapies including balloons, stents, and atherectomy. There is a significant need for advanced endovascular technologies that can effectively treat calcified disease in a procedurally efficient manner without unintended patient complications.
"We are extremely pleased to see FastWave close this round of financing. With the milestone-based acquisition agreement in place, it demonstrates strong support and confidence from our strategic partner," stated JC Sun, Founding Partner of Big Sky Biomedical. JC Sun, who also served as the advisor for the overall partnership and strategic planning, commented: "We were able to form the company and complete this transaction in less than 6 months. Not only am I very confident in the execution capabilities of our team, but we look forward to furthering our development efforts and demonstrating the next-level performance of FastWave's platform to simplify and improve the safety and efficacy of endovascular arterial procedures for both physicians and patients."
Under the terms of the investment plus acquisition agreement, upon FastWave's completion of key technical, clinical, and regulatory milestones, the company will be acquired subject to the satisfaction of closing conditions set forth in the agreement.
About FastWave Medical Inc.
FastWave Medical, a privately held company incubated by partners of Big Sky Biomedical, is focused on providing elegant endovascular solutions for arterial disease that are simple, safe, and effective. To learn more about FastWave medical, please visit https://fastwavemedical.com.
About Big Sky Biomedical, LLC
Founded by a group of experienced medical device serial entrepreneurs with extensive expertise in the vascular space, Big Sky Biomedical is a highly specialized incubator focused on developing novel interventional therapies. To learn more about Big Sky Biomedical, please visit https://bigskybiomedical.com.
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SOURCE Big Sky Biomedical
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