John George Senior Reporter – Philadelphia Business Journal
Trice Medical, which has developed technology that allows doctors to diagnose orthopedic injuries in their office, has raised an additional $6.5 million in a private equity financing.
The King of Prussia, Pa., medical device company has now raised a total of $18 million through the series B financing, which was led by Safeguard Scientifics Inc. (NYSE: SFE) of Wayne, Pa.
In September, Trice received Food and Drug Administration approval for its Mi-eye™ product. Mi-eye™ is a fully disposable, single-use, visualization device. It features a standard 14-gauge needle with an integrated camera and light source that allows doctors to perform diagnostic arthroscopies in their office during an initial patient consultation.
Jeff O’Donnell, chairman and CEO of Trice Medical, said the device was created to help doctors diagnose orthopedic injuries faster and more cost effectively. The device also eliminates false reads that can occur with other types of diagnostic tests, such as an MRI.
O’Donnell said the company is already marketing the device in a small number of markets to get feedback from key physicians in preparation for a national launch in May.
The company plans to use the proceeds from the financing to fund two clinical trials to further show the efficacy of Mi-eye™.
“We are also going to hire clinical specialists to work out in the field supporting the independent distributors we are using,” he said. “And we also want to streamline our manufacturing process.”
O’Donnell said the additional funding came from an investor, whom he did not identify, who contacted Trice after it had closed its 11.6M series B financing last July.
John George covers health care, biotech/pharmaceuticals and sports business.
Trice Medical’s mi-eye™ device is designed to provide a more immediate, definitive and less expensive diagnosis, eliminating the false reads of indirect modalities, such as MRIs. Mi-eye™ is a fully disposable, single-use, streamlined visualization device that uses a standard 14-gauge needle with an integrated camera and light source to perform a diagnostic arthroscopy–all while in the physician’s office during the initial consultation. A separate LCD tablet, running on Android OS, is attached via a data cable from the mi-eye™ needle. Mi-eye™ is delivered to customers in sterile packaging and ready for immediate use.
About Trice Medical™, Inc.
Trice Medical™ is pioneering Needle Based Diagnostic and Therapeutic Technologies for Orthopedics. The company’s Micro Vision Solutions enable definitive and convenient surgical-grade care in the physician’s office. Trice’s products are designed to streamline the delivery of care, reduce costs to the healthcare system and improve patient outcomes via existing reimbursement codes. Trice is a privately held, venture-backed company headquartered in King of Prussia, PA.
About Safeguard Scientifics
Safeguard Scientifics, Inc. SFE +0.10% has a distinguished track record of fostering innovation and building market leaders. For six decades, Safeguard has been providing growth capital and operational support to entrepreneurs across an evolving spectrum of industries. Today, Safeguard is focused specifically on two sectors–healthcare and technology. Recent successful exits include Alverix (acquired by Becton, Dickinson for $40 million); Crescendo Bioscience (acquired by Myriad Genetics for $270 million); NuPathe (acquired by Teva Pharmaceutical Industries for $144 million); and ThingWorx (acquired by PTC for initial proceeds of $112 million). For more information, please visit www.safeguard.com or Follow Us on Twitter safeguard .
Except for the historical information and discussions contained herein, statements contained in this release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Our forward-looking statements are subject to risks and uncertainties. The risks and uncertainties that could cause actual results to differ materially include, among others, our ability to make good decisions about the deployment of capital, the fact that our partner companies may vary from period to period, our substantial capital requirements and absence of liquidity from our partner company holdings, fluctuations in the market prices of our publicly traded partner company holdings, competition, our inability to obtain maximum value for our partner company holdings, our ability to attract and retain qualified employees, market valuations in sectors in which our partner companies operate, our inability to control our partner companies, our need to manage our assets to avoid registration under the Investment Company Act of 1940, and risks associated with our partner companies, including the fact that most of our partner companies have a limited history and a history of operating losses, face intense competition and may never be profitable, the effect of economic conditions in the business sectors in which Safeguard’s partner companies operate, and other uncertainties described in our filings with the Securities and Exchange Commission. Many of these factors are beyond the Company’s ability to predict or control. As a result of these and other factors, the Company’s past financial performance should not be relied on as an indication of future performance. The Company does not assume any obligation to update any forward-looking statements or other information contained in this press release.
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Trice Medical™ , Inc.
P: 610.989.8080 | Email: MDormond@TriceMedical.com