CathWorks Ltd., which is developing a noninvasive technique to detect coronary artery disease, is moving its U.S. headquarters from Aliso Viejo to Irvine in early 2022.
The new headquarters will occupy 10,000 square feet of The Boardwalk office complex, a five-minute drive from John Wayne Airport, CathWorks Chief Executive Ramin Mousavi told the Business Journal.
Founded in 2013, CathWorks is an Israel and OC-based company aiming to change the treatment of coronary artery disease through new technologies including artificial intelligence.
The Irvine headquarters is an attempt to encourage national and global business, Mousavi said.
The company has 75 employees worldwide, including close to 30 in the U.S.; it aims to double that number within the next two years.
“When you’re small and nimble, you aspire to do big things,” Mousavi said. “We’re entering fast growth mode for our brand identity. Irvine is not only the hub for leading medical device innovation, but it’s also a major hub for Orange County.”
Fourth-Gen Ffrangio
The move will take place weeks after the company rolls out the fourth version of its inaugural product, the Ffrangio System.
The Ffrangio is an AI-platform that takes a noninvasive approach to diagnosing coronary artery disease (CAD), the leading cause of death globally.
The traditional method for examining CAD involves a process of using pressure wires, catheters, anesthesia and medications.
CathWorks says its Ffrangio converts a 2D image of X-rays into a color-coded 3D model of a patient’s coronary system in minutes, saving hospitals up to $500 per patient.
The product received FDA clearance in the U.S. three years ago and earlier this year received insurance reimbursement from Japanese health officials.
According to Mousavi, a CathWorks study suggests the new version cuts procedure time down from five minutes to three-and-a-half minutes.
“It’s a massive leap forward,” he added. “The application is completely reimagined and significantly streamlined.”
By the year’s end, the company projects the Ffrangio to be in nearly half of Japan’s 40 largest hospitals, including the top cardiovascular center in the country.
“We are quickly becoming Japan’s standard of care,” he said. “We have this vision that could be real and we’re getting some great early signals.”
The company is projecting to close the year with between $1.5 and $2 million in global Ffrangio sales, which is “pretty amazing” since the product hit the market five months ago, Mousavi said.
“All of the hard work everybody has put in place is coming to fruition.”
Edwards Ties
Mousavi also announced CathWorks’ newly formed senior leadership team. Many of them spent large portions of their careers launching other technologies with Mousavi at heart valve giant Edwards Lifesciences Corp. (NYSE: EW), Orange County’s second-largest publicly traded company and its leading medical device maker.
The company last month named Mike Feher as chief financial officer; he previously held executive roles at Allied Universal, the largest private security firm in the world, and Edwards Lifesciences.
Also from Edwards are Dr. Alex Froimovich, Fabian Ngo, and Sarita Monico.
Duaid Antone, former co-founder of BioStructures and Radius Medical, also joined CathWorks as vice president of U.S. sales and physician training.
