Business briefs

Jan. 07, 2013 @ 07:49 PM

Durham stent development firm raises $24 million

DURHAM – Durham-based Tryton Medical Inc announced Monday it has closed on $24 million in equity financing.

The company develops stents, which are a tubes used to treat weak or narrow arteries, according to the National Institutes of Health’s National Heart Blood and Lung Institute, for treatment of bifurcation lesions.

According to a news release from the company, coronary artery disease often results in the buildup of plaque at the site of a bifurcation, where one artery branches from another. The company said the side branch is often left un-stented because current approaches to treating these lesions are time-consuming and technically difficult

Shawn P. McCarthy, president and CEO of Tryton Medical, said in a news release that the funding is expected to see the company through the U.S. approval of the Tryton Side Branch Stent, which is approved in the United States for investigational use only.  

The company’s current investors participated in the financing round, including PTV Sciences, RiverVest Venture Partners, Spray Venture Partners, and the 3x5 Special Opportunity Fund, according to a news release. The round was led by PTV Sciences.
Durham marketing software company moves

DURHAM -- Contactology, a Durham-based email marketing software company, has moved into a larger office space downtown to accommodate its growth, the company announced Monday.

The company said in a news release that its servers sent more than 2.1 billion email messages on behalf of its clients last year. That’s an increase of 168 percent from what the company sent in the prior year.

 “In the past few years, Contactology has experienced solid growth,” said Drew Adams, CEO and co-founder, in the release.

Company officials expect its new Durham office space at 501 Washington St. will allow the company to continue growing. The renovated space is across from the Durham Athletic Park and once housed a municipal garage and training facility for the Durham Fire Department.

The Washington Street location has about 4,200 square feet, said Ben Niolet, a company spokesman, up from about 2,200 square feet at its previous offices at 316 Holland Street Mall.

Contactology employs 20 workers. It was founded in Hillsborough in 2002 as the web development firm SourcekitLLC. It shifted its focus to email marketing software in 2006 and changed its name. Since the shift, it’s seen “significant” annual earnings increases.

Frontier Airlines returns to RDU

DURHAM – Frontier Airlines will begin service between Raleigh-Durham International Airport and Trenton, N.J., April 8.

The new service will mark Frontier’s re-entry into the Research Triangle Region market. From 2009 until mid-2011, the airline offered service to Milwaukee.

It’s intended to connect RDU passengers to central New Jersey and Princeton University, while also serving as an alternative to Philadelphia and Newark.

The service will be offered daily except Saturday.