Tryton Medical, a Durham, North Carolina, startup developing coronary stents to treat bifurcated lesions announced earlier this week that the company has had an initial closing of a $24 million funding round. A regulatory filing shows the company is looking to raise $35.5 million in total.
The round was led by PTV Sciences while RiverVest Venture Partners, Spray Venture Partners and the 3×5 Special Opportunity Fund also invested. A portion of the money will be used to win U.S. regulatory approval for the Tryton Side Branch Stent.
“The funds will be used to support the company’s U.S. Food and Drug Administration 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,” said Shawn McCarthy, president and CEO of Tryton Medical, in a news release earlier this week.
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
Tryton’s Side Branch stent is made of a cobalt chromium alloy. It is placed in the side branch along with a conventional drug-eluting stent in the main vessel.
“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.,” said Rick Anderson, managing director, PTV Sciences, in a news release. “Tryton Medical has made great progress toward that goal this last year with enrollment completion in its landmark clinical study this past November.”
More than 6,500 patients have been treated worldwide with the Tryton Side Branch Stent.
