Pathway Medical: Pursuing the Hawk
Two years ago, Pathway Medical was nearly out of business. Now it's back, pursuing one of the hottest opportunities in cardiovascular medicine: atherectomy to treat peripheral artery disease.
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The market for interventional devices designed to treat peripheral artery disease has long taken a backseat to the more high-profile interventional cardiology arena. However, with competitive and economic pressures now driving down prices and profits for coronary stents, manufacturers and investors alike are turning their attention to the still underpenetrated PAD opportunity, where device advancements are expanding the treatable patient population and could drive strong revenue growth in the years ahead.
While the debate continues about whether embolic protection devices are really necessary, the space continues to generate interest from investors, start-ups and large companies looking for new technologies. Despite the unfulfilled promise of the past decade, interest has spread to new interventional applications such as percutaneous heart valves, indicating that this area remains a viable opportunity for start-ups.
The global recession that struck last September drove many device investors into hiding. This left a barren financial landscape for device companies to subsist on. But some are finding the funds they need, and they're sharing their survival stories.