Shockwave Medical Files for $70M IPO to Advance Lithoplasty System Addressing Unmet Need in Vascular Calcification

Recently, VCBeat (WeChat Official Account: vcbeat) learned that Shockwave Medical, a pioneer dedicated to treating cardiovascular calcification diseases, has recently filed an initial public offering (IPO) application with the U.S. Securities and Exchange Commission (SEC), aiming to raise $70 million.

Shockwave Medical plans to list on the Nasdaq under the ticker symbol SWAV. Currently, Shockwave Medical has not disclosed the share price or the number of shares for this financing round.

Shockwave Medical, Inc. sells Lithoplasty, a medical device used to treat cardiovascular diseases. Lithoplasty is the first medical device on the market capable of treating vascular calcification. It received conditional FDA approval in 2016 for the treatment of patients with cardiovascular disease accompanied by vascular calcification.

With the widespread adoption of angioplasty, the suffering of patients with cardiovascular disease has been significantly alleviated; however, there remains a therapeutic void for vascular calcification.

The Lithoplasty device developed by Shockwave Medical addresses this issue by combining conventional balloon angioplasty with ultrasonic lithotripsy. Ultrasonic lithotripsy is commonly used to treat kidney stones, enabling clinicians to fragment calculi while preserving renal integrity. With the ultrasonic technology integrated into Shockwave Medical’s Lithoplasty device, physicians can eliminate both superficial and deep vascular calcifications, thereby softening the vessel wall while expanding the arterial lumen.

Researchers stated that this method can effectively reduce vascular damage caused by conventional therapies.

According to the document, the net proceeds from this offering by Shockwave Medical, Inc. will be used to support the continued commercialization expansion of its Lithoplasty devices. The funds will also be allocated to expanding the company’s sales force, medical team, and educational initiatives, as well as for potential strategic transactions and general corporate purposes.

Shockwave Medical, Inc. was founded in 2009 and is headquartered in Santa Clara, California. Prior to its planned initial public offering, Shockwave Medical had completed five rounds of financing, raising approximately $150 million.

Among them, Shockwave Medical secured $12.5 million in Series A financing in January 2014 and $40 million in Series B financing in May 2015, with Sofinnova Partners serving as the lead investor;

Shockwave Medical secured $45 million in Series C financing in November 2016 and $35 million in Series C+ financing in October 2017;

In December last year, Shockwave Medical secured a new round of $15 million in venture capital financing, bringing its valuation to approximately $360 million.

(Compiled by Tan Xin)