BV4 Portfolio Company TriVascular, Inc. Secures $30 Million in Equity Financing
Funding Will Support Global Clinical Trial Activities for Innovative Abdominal and Thoracic
Santa Rosa, CA, November 16, 2009 - TriVascular, Inc. of Santa Rosa, California, announces that it raised $30 million in a Series B offering. Investors New Enterprise Associates (NEA), Delphi Ventures, MPM Capital and Kearny Venture Partners, the original investment syndicate, demonstrated their commitment to, and excitement about, TriVascular's breakthrough technology.
Since raising a Series A round in early 2008, TriVascular has achieved significant milestones and sits poised to commence clinical trial activity globally. Designed to treat diseases of the aorta, both the abdominal and thoracic stent graft systems represent a technological leap forward from commercially available systems. In the United States alone, it is estimated that there are nearly 2 million people with an Abdominal Aortic Aneurysm (AAA), many with inadequate treatment options. The Series B financing will fuel further investment in TriVascular's operations in Sonoma County, California as well as enable the company to build the
infrastructure necessary to support clinical activity on four continents. To date, TriVascular has hired over 170 employees in Santa Rosa.
"We are fortunate to have such strong financing support, especially in this economic environment. Support of this magnitude demonstrates not only enthusiasm about our technology but also confidence in the TriVascular team," said Mike Chobotov, Ph.D., President and CEO of TriVascular, Inc. "We are excited to move into the clinical phase and bring much-needed technological advancement to patients suffering from aortic disease." "We are excited to continue our partnership with TriVascular," said Doug Roeder, General Partner at Delphi Ventures. "There are significant clinical unmet needs in the treatment of aortic disease and we believe TriVascular's technology will significantly broaden the applicable patient population for endovascular repair."
"We are pleased to continue our support of TriVascular as they enter the clinic," said Jake Nunn, Partner at New Enterprise Associates. "TriVascular continues to meet, and exceed, their milestones and is building a truly world-class organization."
About TriVascular, Inc.
TriVascular, Inc. is committed to developing innovative products for the treatment of cardiovascular disease. Located in Santa Rosa, California, TriVascular's initial product portfolio consists of next-generation stent graft treatments for abdominal and thoracic aortic disease.