NORTH BAY BUSINESS JOURNAL EVENT

Best Places to Work 2008 Awards Reception

September 25, 2008, 5:30-7:30 p.m., Doubletree Hotel, Rohnert Park

E-Mail Express

Name:

Company:

E-mail:

Phone:

TriVascular2 will grow to 80 this year, start trials in 2009

SANTA ROSA, March 31, 2008 -- The resurrected medical-device maker TriVascular2, backed by $65 million in venture capital, will employ 80 before the end of the year and begin clinical trials on two products in 2009, founder and Chief Executive Officer Michael Chobotov said today.

TriVascular2's minimally invasive, endovascular repair devices that treat abdominal and thoracic aortic aneurysms (AAA and TAA, respectively) could reach the market within five years.

"We've advanced the technology and developed lots of relationships in both the medical and VC communities," said Dr. Chobotov.

In June of 2006, Boston Scientific, which had acquired the medical device company in 2005, closed TriVascular's doors, citing the length of time it would take to bring the technology to market.

Dr. Chobotov and TriVascular founders Robert Whirley and Joseph Humphrey immediately began negotiations with Boston Scientific and investor groups to bring the company back.

"We achieved critical mass in investment quite early in the process, but it took nearly two years to arrange the details," said Dr. Chobotov.

The fact that Delphi Ventures and Kearny Venture Partners, two of the original company's largest investors, came on board for the rebirth was a big selling point to new investors, he said.

The Series A round for TriVascular2 was led by MPM Capital and New Enterprise Associates Inc. Boston Scientific retains a minority interest in the company.

In addition to $65 million to finance the growth of the company and continue clinical trials, the investors have set aside $30 million in subsequent funding to take TriVascular2 to premarket FDA approval.

"Since we're a new company with new investors, we'll start from scratch with safety trials," said Dr. Chobotov. "But our early clinical success as TriVascular will stand us in good stead as we proceed."

Steve Weiss, former chairman of the North Bay Angels, the group that helped TriVascular with its initial funding, said he was excited about the formation of TriVascular2.

"It's incredible. I was only a cheerleader as the funding was put together, but the firms that came on are substantial and talented investors. They can see TriVascular2 has a great product with a great and growing market," said Mr. Weiss.

The market for endovascular repair devices for AAA, and more recently TAA, grew rapidly to an estimated $500 million in 2006 and is projected to reach $1 billion by 2010.

"This is a big thing for Sonoma County," said Mr. Weiss. "You'll have close to 100 high-paid jobs and a very positive effect on the local medical technology and business communities."

TriVascular2 will occupy its previous location at 3910 Brickway Blvd. near the Sonoma County Airport.

Book of Lists Online