Pathway Medical Technologies

About Pathway Medical Technologies

Pathway Medical Technologies, Inc. was a medical device company established in 1998 by Tom Clement. The firm focused on developing and manufacturing smart devices for clearing peripheral arterial blockages. Its primary market was the treatment of peripheral arterial disease (PAD), a condition affecting millions of people.

The company's core product was the JETSTREAM Atherectomy System. This minimally invasive device was designed to restore circulation in peripheral arteries by removing various types of plaque, including hard and soft tissue, calcium, and thrombus. A key feature of the JETSTREAM system was its differential cutting capability, engineered to remove plaque without causing harm to healthy tissue. The system consisted of an atherectomy catheter and a control pod with a keypad for device operation. The business model centered on the design, marketing, and manufacturing of these medical devices for the treatment of vascular disease.

Pathway Medical Technologies secured significant funding over its history, raising a total of $102 million over four rounds from institutional investors such as HLM Venture Partners, LVP, and Giza Venture Capital. One of its later funding rounds, a Series D in 2009, brought in $42.5 million. This capital was instrumental in preparing for the commercialization of its products, including the build-out of a sales and manufacturing organization. On August 19, 2011, Pathway Medical Technologies was acquired by Bayer HealthCare's affiliate, MEDRAD, Inc., for $125 million. This acquisition was a strategic move by Bayer to strengthen its MEDRAD Interventional business and expand its footprint in vascular intervention technologies.