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| Pathway Medical Technologies, led by CEO Paul Buckman, has developed a less-invasive device to clean out blocked blood vessels. |
At a time when venture capital is scarce and breaking into
new medical markets is tough, Kirkland-based Pathway Medical Technologies Inc.
is making important headway.
Earlier this year, the company raised $40 million, the
largest venture round in the state so far in 2009. And CEO Paul Buckman says
Pathway’s unique device for removing plaque and other materials from diseased
blood vessels could well capture a 50-percent share of the $250-million
American market for treating patients afflicted with peripheral vascular
disease. This disease causes blood vessels outside the heart and brain, mostly
in the legs, arms, stomach or kidneys, to become constricted and blocked with
plaque.
Pathway, a privately-held company with approximately 200
employees, was granted clearance by the Food and Drug Administration earlier
this year to market its Jetstream G2, the first device capable of treating
multiple disease-related symptoms associated with peripheral vascular disease.
Twelve million people in the United States are afflicted with the problem, a
number that is expected to grow to 20 million in just 10 years.
The Jetstream G2 consists of a single-use catheter and
control pod that mounts to a standard IV stand. An expandable cutting tip
removes plaque, calcium, and thrombic and fibrotic lesions from the arteries.
An efficient aspiration port located close to the blades sucks the material
away and deposits it in a collection receptacle.
A rival device by Minnesota-based Ev3 Inc., currently the
industry leader, is more invasive because it requires a separate device for
removing the material that is taken from the vessels.
“Our [G2 device] is transforming technology because it
packages a number of performance features into a single device,” says Buckman.
Buckman previously served as CEO of Ev3,
where he helped develop the company’s endovascular therapies into an $80
million business.