TriVascular gets $60 million in venture capital funding
Published: Monday, June 4, 2012 at 11:27 a.m.
Last Modified: Monday, June 4, 2012 at 11:51 a.m.
Santa Rosa med-tech developer TriVascular Inc. said Monday it has raised $60 million in fresh venture capital as it seeks to expand sales of a new medical device in the United States.
The company, which has more than 200 employees in Santa Rosa, has now raised more than $200 million in venture funding since its inception 14 years ago.
New investor Kaiser Permanente Ventures led the funding round, in partnership with Redmile Group.
TriVascular will use the funds to help launch its Ovation Abdominal Stent Graft in the U.S. market.
Ovation is a system for repairing abdominal aortic aneurysms, bulges in the aorta that can rupture, causing internal bleeding and death. The condition affects nearly 2 million people in the United States, TriVascular said.
The new funds also will be used to expand the company’s international sales and fund new product development.
The Ovation device has already been approved for sale in Europe, where it was launched in January 2011. The Ovation device is designed to fit a wider range of patients than other devices and has unique sealing technology, the company said.
TriVascular won regulatory approval last November for limited use of Ovation in the United States. It has a similar clearance in Canada. About 900 patients have been treated with the system so far.
It is seeking approval from the Food and Drug Administration to expand sales in the United States.
“We believe a financing of this magnitude, in this economic environment, is a strong endorsement of our technology, team and opportunity,” TriVascular CEO Christopher Chavez said in a statement.
Existing investors New Enterprise Associates, Delphi Ventures, MPM Capital, Kearny Venture Partners and Pinnacle Ventures also were involved in the private equity deal.
Sam Brasch, director at Kaiser Permanente Ventures, will join TriVascular’s board.
Founded in 1998 in Santa Rosa, TriVascular was acquired by medical technology giant Boston Scientific in 2005. But it was shut down a year later in a cost-cutting move, and more than 270 workers lost their jobs.
TriVascular reopened in 2008 after venture funds paid $65 million to acquire the technology from Boston Scientific and re-start the dormant business.
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