|Tryton Medical raised $24 million to support its Side Branch Stent, which works where the coronary artery bifurcates.--courtesy of Tryton Medical|
Tryton Medical has pulled in $24 million in equity financing, looping all its investors to pitch in as it prepares to seek FDA approval for its Side Branch Stent to treat bifurcated lesions.
The latest cash is expected to see Tryton all the way through the FDA process for its stent, CEO Shawn McCarthy said, and the Durham, NC, devicemaker will also use the money to "expand the company's platform portfolio with a new stent system designed to address left main disease, and to accelerate access into critical global markets, specifically in Asia," he said in a statement.
PTV Sciences led the round, joined by RiverVest Venture Partners, Spray Venture Partners and the 3x5 Special Opportunity Fund.
Tryton's device is designed to revascularize lesions during percutaneous coronary interventions, targeting the one-third of patients who receive the procedure and suffer restenosis where the artery bifurcates.
The Side Branch Stent already has a CE mark and is available in Europe, Russia and the Middle East, and Tryton is rolling toward a lucrative U.S. approval, PTV Managing Director Rick Anderson said.
"We continue to be impressed with the progress made by Tryton Medical in an area of significant unmet clinical need," Anderson said in a statement. "The company's innovative stent system for coronary bifurcations is expected to be the first and only product of its kind to be approved for use in the U.S."
Tryton completed enrollment in November of a 704-patient pivotal trial spanning North America, Europe and Israel. The company has not specified when it expects to win FDA approval.
- read the statement