Galvanize Therapeutics has raised $100 million in venture capital backing—and is making a change in leadership—to help energize its development of pulsed field ablation technology for use against cancer and respiratory conditions.
The company has named its chairman, Doug Godshall, as CEO. Godshall previously helmed Shockwave Medical and HeartWare International, two cardiovascular-focused companies acquired by Johnson & Johnson and Medtronic, respectively. Galvanize’s previous chief, Jonathan Waldstreicher, will take on the role of president and chief strategy officer.
Pulsed field ablation has made massive advancements in the past two years within the field of cardiac electrophysiology, with catheter-based therapies to help correct irregular heart rhythms such as atrial fibrillation without delivering excess thermal energy. Galvanize aims to bring the same approach to the lungs, with procedures able to target specific soft tissues and avoid damaging healthy ones.
The company obtained an FDA clearance last year for its INUMI Flex endoscopic needle ablation system, as a part of its Aliya pulsed electric field portfolio, for use against lesions such as lung nodules that may harbor hidden tumor cells.
Galvanize has also received a CE mark in Europe for its bronchoscopic RheOx platform to treat serious bronchitis, as one of the main causes of chronic obstructive pulmonary disease, or COPD.
“I began following Galvanize in 2016 and became actively involved when I joined the board as chairman in 2021,” Godshall said in a statement. “I have grown increasingly enthusiastic about the company's prospects over the last year as the team continued advancing our portfolio and commencing our initial commercial efforts. Galvanize's Aliya and RheOx technologies hold great promise in the fields of solid tumor oncology and chronic bronchitis.”
“There are millions of patients who are underserved by today's largely pharmaceutical approaches, and I feel fortunate to be able to join the team as we seek to meaningfully improve the outcomes of those who are suffering with these chronic diseases,” he added.
The new series C proceeds are slated to expand the company’s commercial operations as well as support its ongoing clinical studies evaluating Aliya in solid cancers and RheOx for a U.S. green light.
Last month, Galvanize said it enrolled its first patient in an 1,000-participant Aliya registry study for soft tissue lesions, including people with primary and metastatic cancers in the lungs, liver and other organs.
In May, it put forward early clinical data for Aliya in non-small cell lung cancer, with pulsed field ablation being delivered before tumor removal surgery. According to the company, no serious complications were observed, and the treatment was able to preserve sensitive lung structures.
The funding round was led by Sofinnova Partners with support from Norwest Venture Partners, Elevage Medical Technologies, Ally Bridge Group, the Perceptive Xontogeny Venture Fund, Janus Henderson Investors and Longaeva.
Returning investors also included Fidelity Management, T. Rowe Price, Gilmartin Capital, Intuitive Surgical and Apple Tree Partners—which helped establish today’s Galvanize through a merger in 2022 that consolidated three of its portfolio companies working in pulsed electric field technology.
Sofinnova’s Antoine Papiernik, Norwest’s Zack Scott, M.D., and Gilmartin’s David Lewis all joined Galvanize’s board of directors as part of the financing.
“Partnering again with Doug after our Shockwave success, and working with such a powerful syndicate, was an opportunity we couldn't refuse,” said Papiernik, Sofinnova’s chairman and managing partner. “We believe Galvanize's PEF program could significantly improve treatment and benefit patients with serious unmet needs.”