Boston Scientific Spins Out TriVascular AAA Biz To Investors For $30 Mil.
This article was originally published in The Gray Sheet
Boston Scientific's reversal of its April 2005 acquisition of endovascular aortic aneurysm repair device developer TriVascular puts the newly independent entity back in the hands of its original management team in exchange for $30 million and a minority equity stake
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Device companies finished 2013 strong, raising $1.2 billion in Q4, the highest quarter total of the year. CVS Caremark’s $2.1 billion buy of Apria’s infusion therapy business was the largest M&A of the year, and late-stage venture rounds dominated the $423 million total in diagnostics funding.
TriVascular raises $60 million: European launch of the firm's Ovation abdominal aortic aneurysm stent graft later this year will be aided by $60 million in new funding led by Pinnacle Ventures, including a "Series C" equity financing and growth capital venture debt, the firm announced July 12. The low-profile stent system is designed to expand the patient population suitable for endovascular aortic repair by addressing a wider range of diseased anatomy, the company explains. European study implants began last March to support a CE mark application, and the firm commenced its U.S. pivotal study in May. A 2008 spinout from Boston Scientific headquartered in Santa Rosa, Calif., TriVascular notes that it also is developing a version of Ovation for thoracic aortic aneurysms (1"The Gray Sheet" April 7, 2008)