Healthcare Industry News: Tryton Medical
News Release - March 31, 2008
Tryton Medical, Inc. Closes $14 Million FinancingNEWTON, Mass., March 31 (HSMN NewsFeed) -- Tryton Medical, Inc., the leading developer of stents designed for the definitive treatment of bifurcation lesions announced today that it has closed a $14 million Series C round of financing. Two new investors, PTV Sciences and RiverVest Venture Partners joined with Spray Venture Partners in the financing. Rick Anderson from PTV and Jay Schmelter from RiverVest have been appointed to the Tryton Board of Directors.
"Bifurcation lesions are an important opportunity in the stent marketplace. We have reviewed all the technology approaches in development. The ease-of-use, superb clinical results, and commercialization strategy, position's Tryton to make a real impact on this important clinical need", said Rick Anderson, Managing Director of PTV Sciences, and former Company Group Chairman, Cordis Corporation.
"We are very pleased to have completed this financing with the addition of PTV and RiverVest," stated Dan Cole, Co-Founder and Board Member of Tryton and General Partner of Spray Venture Partners. "This capital will allow Tryton to advance its leadership position with aggressive execution of its European commercialization strategy and clinical trial plans in the U.S."
The Tryton Side-Branch Stent is a high-performance cobalt chromium balloon expandable stent, which marries with approved drug eluting stents to definitively treat the entire spectrum of coronary artery bifurcation lesions. Bifurcation lesions account for approximately 20% of 2.2 million angioplasty procedures performed each year. Results from the Tryton I (First-In-Man) Study demonstrated Tryton's ease of use and unprecedented long term results (3% Target Lesion Revascularization, Side Branch Late Loss 0.12 plus or minus 0.47 mm and NO side branch failures). Based on the strength of these results, Tryton recently received CE mark, establishing its leadership position with the first stent commercially available for bifurcation lesions.
Information on PTV Sciences
PTV Sciences (http://www.ptvsciences.com), founded in 2003, is a leading life and materials sciences venture capital fund focused on building industry leading companies and investing in extraordinary people. PTV Sciences has a team of investment professionals and 13 venture partners representing the leading clinicians, scientists, academic institutions and entrepreneurs. PTV Sciences has offices in Austin and Houston, Texas.
Information on RiverVest Venture Partners:
RiverVest Venture Partners (http://www.rivervest.com) is a venture capital firm investing in emerging medical device, biopharmaceutical and other healthcare venture opportunities. RiverVest applies both its capital and its team's diverse range of expertise to create and grow successful enterprises that address unmet medical needs in major markets.
Information on Spray Venture Partners:
Since 1996, Spray (http://www.spraypartners.com) 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.
Information on Tryton Medical, Inc.
Tryton Medical, Inc. was founded in 2003 by Aaron V. Kaplan, M.D. (Associate Professor of Medicine at Dartmouth Medical School/Dartmouth- Hitchcock Medical Center) along with Dan Cole to develop stents for the definitive treatment of bifurcation lesions. Tryton is based in Newton, MA with work coordinated by H. Richard Davis (Chief Technical Officer). More information regarding Tryton can be found at http://www.trytonmedical.com or by contacting Richard Davis (email@example.com).
Source: Tryton Medical
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