TriVascular Inc. said it’s added another $40 million to its coffers in a Series E round it plans to use to expand its commercial footprint and " to fuel product pipeline and clinical research activities."
Santa Rosa, Calif.-based TriVascular makes the Ovation line of stent grafts for treating abdominal aortic aneurysms.
New backers Deerfield Management, Rock Springs Capital and Permal Asset Management joined existing investors New Enterprise Associates, Delphi Ventures, MPM Capital, Kearny Venture Partners, Kaiser Permanente Ventures and the Redmile Group, according to a press release.
"We are fortunate to have such strong financial support," chairman & CEO Christopher Chavez said in prepared remarks. "We welcome our new investors to the TriVascular family and are very grateful for the commitment of our existing investment syndicate. 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. This financing further strengthens our ability to continue to invest in innovation and offer clinically compelling endovascular solutions."
TriVascular, which landed a $60 million Series D round in June 2012, won a humanitarian device exemption from the FDA for the Ovation device for treating patients with small iliac or femoral arteries in November 2011. Pre-market approval followed in November 2012.