Cleaning Out the Arteries

Pathway Medical lands $40 million venture deal to market medical device.

By Eric Cooley | June 2009 | FROM THE PRINT EDITION

Photographs by John Keatley

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.