SANTA ROSA -- TriVascular, Inc. today said it raised $60 million in venture funding that will go toward expanding sales of medical devices internationally and fueling other product development.
Leading the latest round of funding, closed Friday, were Kaiser Permanente Ventures and Redmile Group, according to the company. Also participating were existing investors New Enterprise Associates, Delphi Ventures, MPM Capital, Kearny Venture Partners and Pinnacle Ventures, according to TriVascular. Sam Brasch, director of Kaiser Permanente Ventures, will join Santa Rosa-based TriVascular's board of directors.
The new funding will play a significant role in shaping TriVascular's mission to help confront aortic disease, according to Christopher Chavez, chairman and chief executive officer of TriVascular. Proceeds will be used to pursue approval of the company's Ovation abdominal stent graft system, as well as drive sales internationally, fuel product development efforts and help spur U.S. orders.
"We believe a financing of this magnitude, in this economic environment, is a strong endorsement of our technology, team and opportunity," Mr. Chavez said in statement. "We are grateful for the strong partnership with our investors. We welcome Kaiser Permanente Ventures and the Redmile Group to the TriVascular team and are thankful for the continued support from our existing syndicate. "
The company received regulatory approval for limited use of the Ovation system in the U.S. and Canada in late 2011 and has already been approved for sales in Europe, where the company launched the product in early 2011. So far, more than 900 patients have been treated with this type of minimally invasive surgical technology that helps correct abdominal aortic aneurysms. The Ovation system is is available to a narrow subset of patients in the U.S
TriVascular has raised more than $200 million in venture capitals since it was founded in 1998 and employs about 200 locally.
In 2005, the company was acquired by Boston Scientific, which later closed the company as a cost-cutting measure. TriVascular returned in 2008 after raising $65 million to re-acquire itself from Boston Scientific.