Durham-based medical technology firm Tryton Medical has closes on $24 million in new financing and will use the funds in a continued push to win U.S. approval for its stents.
Tryton announced the closing early Monday.
PTV Sciences led the round.
Tryton’s current investors, including PTV, participated. Others providing funding were RiverVest Venture Partners, Spray Venture Partners and 3×5 Special Opportunity Fund.
The Tryton stent technology is already in use outside the U.S. and has been deployed in surgery for more than 6,500 patients, according to the company.
Made of cobalt chromium, the stent is deployed in side branch arteries through use of a balloon stent delivery system.
The Tryton stent is augmented by a drug-eluding stent in a main artery.
Tryton wants to apply for approval with the U.S. Food and Drug Administration this year.
“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 McCarthy, Tryton’s chief executive officer. “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.”
Tryton raised $20 million in 2010.
