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TriVascular wins $60 million in venture funding

  • TriVascular, Inc. building mug.

In a win for Sonoma County's growing medical technology sector, Trivascular Inc. has raised $60 million in new venture funding.

The Santa Rosa company plans to launch its first product — a system for repairing abdominal aortic aneurysms — in Europe later this year.

The financing deal announced Saturday was led by Palo Alto's Pinnacle Ventures, with participation from four other equity funds.

The $60 million announced Saturday could lead to the hiring of more than 100 workers. It brings TriVascular's funding to $155 million since the firm was re-started two years ago after being acquired and then closed down.

"We're pleased to have the support of such a strong group of investors," said TriVascular CEO Mike Chobotov. "We appreciate the vote of confidence in our technology, strategy and team."

About 2 million people in the U.S. have abdominal aortic aneurysms — bulges in the aorta that can rupture, causing internal bleeding and death.

TriVascular's Ovation Abdominal Stent Graft is a small, tubelike metal-and-fabric device that is snaked through a patient's artery and implanted at the aneurysm site. It reinforces the weak spot and lets blood flow normally.

The TriVascular device is an improvement over existing technology because it's easier to implant and fits a larger group of patients, the company said.

Dr. David Kim, a partner at Pinnacle Ventures, said results of the company's early clinical trials are positive.

"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," he said. "We believe TriVascular is well-positioned to be a major player in the market."

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