Monday, January 7, 2013
Tryton Medical Completes $24 Million Equity Financing from All Current Investors
CED Member Tryton Medical, Inc., the leading developer of stents designed to treat bifurcation lesions, today announced an initial closing of an aggregate $24 million financing. All current investors participated in the financing, including PTV Sciences, RiverVest Venture Partners, Spray Venture Partners, and the 3x5 Special Opportunity Fund. The financing round was led by PTV Sciences.
“This financing, which is expected to see the company through U.S. approval of the Tryton Side Branch Stent,™ demonstrates continued confidence and enthusiasm from our current investors,” said Shawn P. McCarthy, president and CEO of Tryton Medical, in a statement. “The funds will be used to support the company’s U.S. Food and Drug Administration (FDA) submission this year, 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.”
“We continue to be impressed with the progress made by Tryton Medical in an area of significant unmet clinical need,” said Rick Anderson, managing director of PTV Sciences, 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 Medical has made great progress toward that goal this last year with enrollment completion in its landmark clinical study this past November.”
Tryton Medical’s differentiated technology addresses the challenges of bifurcated lesions, which affect nearly one third of patients undergoing a PCI procedure. Data from more than 1,000 registry patients in Europe treated with the Tryton stent demonstrate a compelling rate of target lesion revascularization of four percent and thrombosis of 0.5 percent at one year.
The Tryton Side Branch Stent has now been used to treat more than 6,500 patients around the world.
Coronary artery disease often results in the buildup of plaque at the site of a bifurcation, where one artery branches from another. Current approaches to treating these lesions are time consuming and technically difficult. As a result, the side branch is often left unstented, leaving it vulnerable to higher rates of restenosis, the re-narrowing of the stented vessel following implantation. In patients undergoing PCI-stenting, approximately one third have a bifurcation lesion.