News | September 09, 2014

Tryton Medical Completes $20 Million Equity Financing For U.S. Approval

September 9, 2014 — Tryton Medical Inc. announced an initial closing of an aggregate $20 million private equity financing. Participating in this financing were existing investors RiverVest Venture Partners and 3x5 Special Opportunity Fund, joined by new investor Canepa Advanced Healthcare Fund and an unnamed investor. Alejandro Sanchez from Canepa U.S., which serves as investment advisor to Canepa Advanced Healthcare Fund, will be joining the Tryton Medical board of directors. Tryton is a developer of stents designed to treat coronary bifurcation lesions.

"The company will use these proceeds to complete enrollment in the Tryton IDE Extended Access Registry, to support our U.S. Food and Drug Administration (FDA) submission, and to develop the left main market opportunity with the CE-approved left main stent indication for our Tryton side branch stent," said Shawn P. McCarthy, president and CEO of Tryton Medical. "Tryton Medical’s differentiated technology addresses the challenges of bifurcation lesions, which affect nearly one-third of patients undergoing a PCI [percutaneous coronary intervention] procedure. The Tryton side branch stent has now been used to treat more than 10,000 patients around the world, and we're positioned to be the first and only coronary stent approved for use in treating bifurcation lesions in the United States."

The Tryton side branch stent is commercially available in multiple countries within Europe, Middle East and Africa; investigational in the United States; and unavailable in Japan. 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. Left main disease, an accumulation of plaque that narrows the base of the coronary tree, is a persistent challenge in interventional cardiology, as more than 75 percent of left main lesions are bifurcation lesions.

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