TriVascular raises $7.2 million in venture capital

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.

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