Trice Medical has received an additional $6.5 million in Series B financing, raising the total round to $18.1 million. HealthQuest Capital was the lead investor of the extension. Other backers included Safeguard Scientifics Inc and BioStar Ventures. Based in King of Prussia, Pennsylvania, Trice Medical is a provider of private diagnostics solutions focused on micro-invasive technologies.
King of Prussia, PA, February 4, 2015 – Trice Medical™, a private diagnostics company focused on micro invasive technologies, today announced that it closed its Series B financing totaling $18.1 million. The company raised an additional $6.5 million to supplement the initial $11.6 million, which was announced in July 2014. HealthQuest Capital led the extension. Safeguard Scientifics, Inc. (NYSE:SFE) provided an additional $1.15 million in the extension to bring its total capital deployed to $6.15 million. BioStar Ventures and other existing investors completed the round. Proceeds will be used to support Trice Medical’s commercialization and marketing of its initial diagnostic arthroscopy product, mi-eye™, into the physician’s office.
“Trice Medical is currently nearing the end of the first phase of a three-tiered limited marketing launch of mi-eye, which is progressing as planned,” stated Jeffrey F. O’Donnell Sr., Chairman and CEO of Trice Medical. “This additional funding will enable us to conduct clinical trials, build a team of clinical specialists to support our sales efforts, and streamline manufacturing practices—all steps towards commercialization of mi-eye, which is targeted for the summer of 2015. Our investors continue to support our product, our platform and our launch strategy. We welcome our newest investor, HealthQuest Capital to our syndicate of investors, adding to the collective expertise of our board.”
“Trice Medical’s technology will allow physicians to provide immediate in-office orthopedic diagnosis, providing better patient care while reducing extra steps and costs in the process. We are very pleased to join this investor syndicate in backing the proven management team at Trice Medical,” commented Dr. Garheng Kong, founder and general partner at HealthQuest Capital. Dr. Kong will join the Trice Medical Board of Directors in conjunction with the firm’s investment.
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 MedicalTM
Trice was founded to fundamentally improve orthopedic diagnostics for the patient, physician, and payer by providing instant, eyes-on, answers. Trice has pioneered fully integrated camera-enabled needle technologies that provide a clinical solution that is optimized for the physician’s office. Trice’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. For more information, please visit www.TriceMedical.com.
About Safeguard Scientifics
Safeguard Scientifics, Inc. (NYSE:SFE) 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.
About HealthQuest Capital
HealthQuest Capital makes go-to-market and early growth investments in innovative healthcare companies that are improving both patient outcomes and healthcare economics. Investments focus on the medical device, diagnostics, patient care products, consumer health/OTC and healthcare IT fields. The HealthQuest investing team includes deep operational, clinical and scientific expertise and worldwide relationships throughout the healthcare industry that can be leveraged to add value to our portfolio companies. HealthQuest is part of the Sofinnova Ventures network, which has been making venture investments worldwide for over 40 years, backing some of the most exciting and successful innovators in healthcare. HealthQuest Capital is headquartered in Menlo Park, CA with offices in Southern CA, Florida, and Georgia. www.healthquestcapital.com
About BioStar Ventures
BioStar Ventures is a venture capital partnership started to enhance and monetize the experience and knowledge of physician thought leaders in medical care and technology. BioStar Ventures invests in companies where it can leverage the clinical expertise of the BioStar Ventures Team. Its key focus is in the areas of cardiology, orthopedics, and neuroscience. For more information, please visit www.biostarventures.com.