The new round of funding includes participation from Forbion Capital Partners, HLM Venture Partners, Latterell Venture Partners, Oxford Bioscience Partners, Giza Venture Capital and individual investors.
Pathway will use these funds to continue to build its sales team, grow its manufacturing organization, continue product development and prepare for profitability.
Paul Buckman, president and CEO of Pathway Medical Technologies, said: “The environment for raising financing today is extremely challenging, especially for venture capital, and it’s been reported that only 11% of all medical device venture capital financings have been more than $25 million since the end of 2007. Without question, this financial commitment from our investors is a positive endorsement of Pathway’s technology and, more importantly, our strong team of people.”