Tryton Medical Completes $24 Million Equity Financing with Strong Participation From All Current Investors
Durham, N.C. – January 7, 2013 – 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. "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. "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.
About the Tryton Side Branch Stent
The Tryton Side Branch Stent System is built for bifurcation using proprietary Tri-zone™ technology to offer a dedicated strategy for treating bifurcation lesions. Tryton's cobalt chromium stent is deployed in the side branch artery using a standard single-wire balloon-expandable stent delivery system. A conventional drug-eluting stent is then placed in the main vessel. The stent system has received CE Mark and is commercially available throughout Europe, Russia and the Middle East. It is approved in the United States for investigational use only.
About Tryton Medical, Inc.
Tryton Medical, Inc., located in Durham, N.C., is a leading developer of novel stent systems for the treatment of bifurcation lesions. The company was founded in 2003 by Aaron V. Kaplan, M.D. (professor of medicine at Dartmouth Medical School/Dartmouth- Hitchcock Medical Center) and Dan Cole to develop stents for the definitive treatment of bifurcation lesions. For more information please visit www.trytonmedical.com.
About PTV Sciences
PTV Sciences is a healthcare venture capital firm that partners with entrepreneurs and supports companies through development, expansion, and growth phases of their businesses. As a highly collaborative team of 27 professionals, deeply experienced as investors and operators of life science companies PTV focuses on enabling industry leading companies and investing in extraordinary people in the healthcare and life sciences sector, including medical devices, biotechnology, pharmaceuticals, and diagnostics. For more information, please visit www.ptvsciences.com.
About Spray Ventures
Since 1996, Spray has provided capital and management experience to the formation, financing, and strategic growth of many early-stage medical technology companies throughout the United States. The firm works closely with clinical and technical founders to create companies that develop, market and deploy innovative technologies that meet significant unmet healthcare needs. For more information, please visit www.spraypartners.com.
About 3x5 Special Opportunity Fund
3x5 Special Opportunity Fund, L.P. is a Portland, Oregon and St. Louis, Missouri based, closed-end private investment fund focused primarily on investments in later-stage companies in the healthcare and resource-driven sectors.
About Rivervest Venture Partners
RiverVest Venture Partners® is a venture capital firm focused on identifying and shaping early-stage life science companies to create significant shareholder value. With hands-on, high-level expertise and financial resources, RiverVest supports entrepreneurs by helping them achieve near-term objectives that position their companies for exit. For more information, please visit www.rivervest.com.