TriVascular gets $30 million Series B

Monday, November 16, 2009, 12:45 pm

By Loralee Stevens, Business Journal Staff Reporter

SANTA ROSA –TriVascular Inc. announced today it has raised $30 million in a Series B offering. The funds will take the maker of abdominal and thoracic stent graft systems into clinical testing.

The Series B financing is a continuation of Series A funding of $65 million in 2008 from investors New Enterprise Associates, Delphi Ventures, MPM Capital and Kearny Venture Partners.

“We are fortunate to have such strong financing support, especially in this economic environment,” said TriVascular President and CEO Mike Chobotov, Ph.D. “Support of this magnitude demonstrates not only enthusiasm about our technology but also confidence in the TriVascular team. We’re excited to move into the clinical phase and bring much-needed technological advancement to patients suffering from aortic disease.”

TriVascular was acquired and then abandoned by Boston Scientific during a rearrangement of its portfolio. Since then investors stepped forward to relaunch the company and TriVascular has grown to more than 170 employees in Santa Rosa, many of whom rejoined the company.

“We are excited to continue our partnership with TriVascular,” said Doug Roeder, general partner at Delphi Ventures. “There are significant clinical unmet needs in the treatment of aortic disease, and we believe TriVascular’s technology will significantly broaden the applicable patient population for endovascular repair.”