SpectraWAVE Announces $13.2 Million Series A-2 Financing from Existing Investors to Bring Intracoronary Imaging Technology to Market

BEDFORD, Mass.–(BUSINESS WIRE)–Feb 3, 2021–
SpectraWAVE, Inc. today announced a $13.2 million Series A-2 financing to support completion of product development and regulatory filing for its flagship intracoronary imaging product, designed to help physicians optimize coronary stenting interventions and limit future adverse events. The funding round is led by prior investor Deerfield Management, and includes follow-on investment from prior unnamed seed investors.
Coronary artery disease (CAD), the buildup of plaque in the wall of the coronary arteries that supply blood to the heart, causes 9 million deaths worldwide each year. In CAD, patients can undergo stent placement to relieve symptoms, but one in five patients can experience a major adverse event. SpectraWAVE is developing a medical imaging platform that combines two state-of-the-art technologies providing high resolution plaque structure and content in coronary blood vessels. The imaging data aids interventional cardiologists during stent optimization and in their assessment of the patient’s risk for future adverse events.
“This is an exciting day for the SpectraWAVE team who have made incredible progress developing a cost-effective, high quality, easy-to-use product for interventional cardiologists,” said Eman Namati, Ph.D., CEO of SpectraWAVE. “The continued commitment from Deerfield, in addition to the significant follow-on investments from prior investors further validates our intravascular imaging technology, and its potential to help patients globally.”
With the new funds, SpectraWAVE will continue to scale the team, development, and operations ahead of a regulatory filing. The company has recently appointed additional experienced industry talent, including leaders in Image Analysis, Clinical Affairs, and Regulatory and Quality Affairs, and established a world-renowned Clinical Advisory Board of experts.
“SpectraWAVE’s novel multi-modality imaging catheter aids physicians in targeted coronary interventions and has the opportunity to make a fundamental impact on the lives of coronary artery disease patients,” said Steve Hochberg, Partner at Deerfield Management, lead Series A-2 investor. “The complexity of mid-procedure visualization and its impact on clinical decision making requires a truly unique product and a talented team to bring it to market. SpectraWAVE has shown immense progress, and we’re pleased to continue our support as it rapidly moves towards its first regulatory filing.”
About SpectraWAVE, Inc.
SpectraWAVE, located in Bedford, MA, is a privately held medical device company founded in 2017 to improve coronary artery disease (CAD) outcomes with photonics. CAD, the buildup of plaque in the wall of the arteries that supply blood to the heart, affects 18.2 million adults age 20 and older. In CAD patients that undergo percutaneous stent placement, it is estimated that one in five patients experience adverse events, with half of those adverse events caused by high risk plaques that were previously left untreated. The SpectraWAVE medical imaging platform is a state-of-the-art integration of proven imaging technologies – designed to help interventional cardiologists understand their patients and optimize interventions. For more information, please visit www.spectrawave.com.
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CONTACT: SpectraWAVE, Inc.
Jason Tucker-Schwartz, PhD
SOURCE: SpectraWAVE, Inc.
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PUB: 02/03/2021 08:00 AM/DISC: 02/03/2021 08:01 AM