Boil bowtie pasta in salted water until al dente. Drain pasta and place in a large mixing bowl. Toss pasta in olive oil.
While the pasta boils, steam shrimp in a steamer basket over boiling water. Time will depend on the size of the shrimp, but you will know they are cooked through when the shrimp is pink and makes a C shape.
Slice steamed shrimp into bite size pieces and cut cherry tomatoes into quarters. Add them to the mixing bowl with the cooked pasta and basil ribbons.
In a small mixing bowl whisk together pesto, white balsamic vinegar, salt, pepper, and crushed red pepper. Pour pesto mixture into the large mixing bowl with the rest of the ingredients.
Toss to combine fully. Top with extra basil and freshly grated parmesan to serve.