Trice Medical™, a private diagnostics company focused on micro invasive technologies, today announced the appointment of Craig Carra to the newly created position of Chief Financial Officer. Mr. Carra has spent the majority of his 20-year career holding various executive level positions with emerging growth, medical device and service companies.
“It’s an exciting time for Trice Medical as we build out our team and infrastructure in preparation for commercializing our initial diagnostic arthroscopy product, mi-eye™,” stated Jeffrey F. O’Donnell Sr., Chairman and CEO of Trice Medical. “We are thrilled to have Craig join our executive team. His strong background in medical devices, operations, finance, sales and business development are invaluable components to the future success of Trice Medical. On the heels of closing an $18.1 million Series B financing, we continue to execute against our goal to commercialize mi-eye™ in the summer of 2015.”
“I am excited to join Jeff and the rest of the management team at Trice Medical as we look to commercialize mi-eye™ and execute our business plan,” said Mr. Carra. “The Trice Medical team has built a revolutionary orthopedic product that is changing the way physicians view diagnostic procedures and I look forward to using my diverse background and industry experience to add value for Trice Medical and our investors.”
Mr. Carra’s career started as an auditor with Coopers & Lybrand (PricewaterhouseCoopers). From 1996-2002, he served as Corporate Controller and Treasurer for Surgical Laser Technologies, a medical device company where he lead operational efficiencies with strict cash flow management to restore this turn-around Company and enabled it to grow through acquisition. From 2002-2012, Mr. Carra served as VP Sales and Business Development for PhotoMedex. Combining his financial and operational background with his strategic thinking and leadership ability, Mr. Carra built a strong U.S. sales team and developed new business models to significantly increase both annual recurring revenue and capital equipment sales. Prior to Trice Medical, Mr. Carra served as the financial and business development leader for Ella Health, a venture backed, healthcare services company. At Ella Health, Mr. Carra was responsible for securing new equity and debt financing to support the growth of the business and was successful in establishing strategic partnerships with physicians to open several new health centers.
Mr. Carra holds a B.S. in Accounting (Magna Cum Laude) from Saint Joseph’s University and an Executive M.B.A. from Villanova University. Mr. Carra is a Certified Public Accountant.
About mi-eye™
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 .
Forward-looking Statements
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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Contact:
Trice Medical™ , Inc.
Mary Dormond
P: 610.989.8080 | Email: MDormond@TriceMedical.com
