KING OF PRUSSIA, Pa.,
June 6, 2017 /PRNewswire/
-- Trice Medical announced today that it closed a $19.3 million Series C financing and will use the
proceeds to accelerate and expand the company's U.S. market
penetration for mi-eye2™, R&D, sales, marketing and key
international regulatory approvals. Smith & Nephew (LSE:SN,
NYSE:SNN), a global medical technology business dedicated to
helping healthcare professionals improve people's lives, has taken
a minority stake joining a consortium of current investors
including Safeguard Scientifics (NYSE:SFE), HealthQuest Capital,
BioStar Ventures and others in this latest funding round. To-date,
Trice Medical has raised $40.9
million.
"This is a significant milestone for Trice Medical as we looking
to expand our sales, marketing and commercialization efforts and
bolster our workforce," said Jeffrey
O'Donnell, Sr., President and CEO at Trice Medical. "We're
proud to add Smith & Nephew to our list of investors and look
forward to being able to leverage their global experience as we
roll out additional mi-eye products in the future."
The early success of Trice Medical's mi-eye2™, which received
FDA 510(K) clearance during the fourth quarter of 2016, has
captured the attention of medical professionals who are embracing
the technology as a replacement to the MRI. After the first few
months of commercial launch, the mi-eye is currently being used by
nearly 100 physician practices across 25 states. The disposable
needle embedded with a wide-angle camera lens enables physicians to
diagnose joint injuries from the office. The scope's improved
vision quality and non-invasive technique provides patients with a
more complete diagnosis. As the competitive landscape continues to
evolve, Trice Medical will allocate resources to research and
development of the technology's third generation.
Dr. Sean McMillan, Chief of
Orthopedics at Our Lady of Lourdes, is a physician who has
successfully integrated the mi-eye into his practice. "I am
extremely excited to have the ability to offer safe, cutting edge
technology to my patients," said Dr. McMillan. "By using the
mi-eye, my patients are able to obtain the answer to their cause of
pain immediately and start their road to recovery 2 to 3 weeks
quicker than if they had an MRI. The most exciting part about using
the mi-eye is the increasing number of patients who are calling up
and specifically asking for the procedure. Our patients are seeking
out innovative technology that is both fast, convenient, and cost
effective."
O'Donnell continued, "This financial support from our existing
and new investors gives us the runway we need to fulfill our
mission – to provide more immediate and definitive patient care,
eliminating the false reads associated with current indirect
modalities and significantly reduce the overall cost to the
healthcare system. We can now attract the talent we need to scale
to make mi-eye the standard of care in diagnostic imaging."
About Trice Medical
Trice Medical was founded to
fundamentally improve orthopedic diagnostics for the patient,
physician, and payor by providing instant answers. Trice Medical
has pioneered fully integrated camera-enabled technology, the
mi-eye 2, which provides a clinical solution optimized for
the physician's office. Trice Medical's mission is to
provide more immediate and definitive patient care, eliminating the
false reads associated with current indirect modalities and
significantly reduce the overall cost to the healthcare
system. Trice Medical's major investors include BioStar
Ventures, HealthQuest Capital, Smith & Nephew and Safeguard
Scientifics (NYSE:SFE). For more information,
visit www.tricemedical.com; follow us on Twitter,
LinkedIn and Facebook; or call
844.643.9300.
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SOURCE Trice Medical