$19.3M Stock Sale: Montco Medical Device Maker Raises Funds for National Product Rollout

PHILADELPHIA (NBC Philadelphia) — The Food-and Drug Administration-approved mi-eye 2, launched in a limited number of markets in October, for use as a second generation version of the company’s diagnostic product.

Montgomery County medical device maker Trice Medical raised $19.3 million from a private stock sale, which it plans to use to take its mi-eye 2 product national.

The Food-and Drug Administration-approved mi-eye 2, launched in a limited number of markets in October, for use as a second generation version of the company’s diagnostic product. The device is a disposable needle embedded with a wide-angle camera lens that lets physicians diagnose joint injuries from the office.

As part of the series C financing, Smith & Nephew (NYSE:SNN), a global medical equipment manufacturer based in London, acquired a minority stake in the company. It joined a consortium of current investors – including Radnor-based Safeguard Scientifics (NYSE:SFE), HealthQuest Capital, and BioStar Ventures — who also participated in latest funding round.

Trice Medical has raised $40.9 million since its inception in 2011.

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