Santa Rosa biotech company TriVascular Inc. has raised $7.2 million in fresh venture capital as it runs U.S. clinical trials on a new medical device.
The company, which has raised more than $100 million in past rounds of venture funding, disclosed the latest deal in a filing with federal securities regulators earlier this month.
TriVascular executives did not return telephone calls seeking comment Wednesday.
Last year, TriVascular launched a third phase of U.S. clinical trials aimed at getting approval from the Food and Drug Administration to expand sales of its Ovation Abdominal Stent Graft, a system for repairing abdominal aortic aneurysms.
The aneurysms are bulges in the aorta that can rupture, causing internal bleeding and death. They affect about 2 million U.S. patients a year.
TriVascular's stent graft is a small, tubelike metal-and-fabric device that is snaked through a patient's artery and implanted at the aneurysm. The procedure, which reinforces the weak spot and lets blood flow normally, is less risky than conventional surgery.
The Ovation device has been approved for sale in Europe since January 2011 and won regulatory approval last November for limited use in the United States. It has a similar clearance in Canada.
So far, the device has been implanted in more than 500 patients worldwide.
The global market for endovascular repair devices is expected to reach $1.6 billion by 2015, according to MarketResearch.com, which tracks the medical device sector.
Ovation has a low-profile design that fits patients with small blood vessels and offers unique fixation and sealing technology, the company said.
TriVascular has more than 200 employees in Santa Rosa. The company was founded in Santa Rosa in 1998 and 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. They invested another $30 million in 2009.
TriVascular raised $60 million in private equity and debt financing in 2010.
The company's investors include Delphi Venture Partners, Kearney Venture Partners, MPM Capital, New Enterprise Associates and Pinnacle Ventures.