|TriVascular landed $40 million to market its Ovation system.--Courtesy of TriVascular|
California's TriVascular has bagged another $40 million in equity to expand the use of its FDA-approved devices for endovascular aortic repair, used to treat dangerous bulges in blood vessels.
With the cash, TriVascular plans to jump-start its marketing efforts for Ovation and Ovation Prime, minimally invasive stent grafts designed to reverse endovascular aneurysm. The company touts its low-profile technology as safer and more tolerable than the competition for many of the U.S.'s 2 million abdominal aortic aneurysm sufferers, and now, with regulatory clearances and promising post-marketing data in hand, it's up to TriVascular to make its case to more and more cardiologists, CEO Christopher Chavez said.
"Our goal is to ensure that physicians and their patients gain access to minimally invasive endovascular aneurysm repair, which is enabled by the Ovation and Ovation Prime platforms," Chavez said in a statement. "This financing further strengthens our ability to continue to invest in innovation and offer clinically compelling endovascular solutions."
TriVascular's platform picked up FDA approval last year and a CE mark in 2010, and the company has been working to expand its market share ever since. This year, TriVascular unveiled two-year Ovation data demonstrating 100% freedom from Type I and III endoleaks, migration, rupture or conversion to open surgical repair. Furthermore, about 39% of patients in Ovation's pivotal trial would have been excluded from previous endovascular aortic repair, the company said, highlighting the system's safety profile.
Previous backers New Enterprise Associates, Delphi Ventures and Kaiser Permanente Ventures participated in the latest round, which follows the $60 million Series D TriVascular closed last year. The company has raised about $200 million to date.
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