SANTA ROSA -- TriVascular of Santa Rosa, California, announced today the close of $60 million in funding, comprised of a Series C equity financing and growth capital venture debt.
New investor Pinnacle Ventures led the round, joining existing investors New Enterprise Associates (NEA), Delphi Ventures, MPM Capital and Kearny Venture Partners. David J. Kim, M.D., Partner at Pinnacle Ventures, and Ryan Drant, General Partner at NEA, will join the Board of Directors.
Proceeds from the financing will be used to launch the company’s Ovation Abdominal Stent Graft System in Europe, drive clinical research activity across three continents, and fuel next generation product development. The company is completing a clinical study in Germany and has begun its pivotal study in the United States. Clinical activity is also underway for the Ovation Thoracic Stent Graft System.
“We are pleased to have the support of such a strong group of investors,” said Mike Chobotov, PhD., President and CEO of TriVascular. “We appreciate the vote of confidence in our technology, strategy and team. We are well funded to realize our primary goal: Partnering with clinicians worldwide to provide advanced technology to patients.”
In the U.S. alone, it is estimated that there are nearly 2 million people with an abdominal aortic aneurysm (AAA). Many patients do not have access to endovascular aortic repair (EVAR) given the technical limitations of currently available devices. The innovative, low-profile Ovation system is designed to expand the patient population suitable for EVAR by addressing a wider range of diseased anatomy.
“We are excited to join TriVascular,” said David J. Kim, M.D., Partner at Pinnacle Ventures. “TriVascular’s technology represents an important technological advancement in the area of endovascular repair and addresses a significant unmet need for patients with aortic disease. The initial clinical experience is compelling and we believe TriVascular is well positioned to be a major player in the market.”
“TriVascular represents one of the most compelling opportunities in medical technology,” said Ryan Drant, General Partner at NEA. “We are excited to expand our investment in TriVascular and are very encouraged by their progress over the past two years. I look forward to joining the Board of Directors and helping the company positively impact cardiovascular care.”
The Ovation Abdominal Stent Graft System is an investigational device and currently not approved for sale.