Trice Medical, a King of Prussia, PA-based diagnostics company focused on micro invasive technologies, raised an additional $6.5m closing its Series B financing totaling $18.1m.
It added to the initial $11.6 million, which was announced in July 2014 (read here).
The extension was led by HealthQuest Capital with participation from Safeguard Scientifics, Inc. (NYSE:SFE), BioStar Ventures and other existing investors. In conjunction with the funding, Dr. Garheng Kong, founder and general partner at HealthQuest Capital, will join Trice Medical’s Board of Directors.
The company intends to use the funds to commercialize and market of its initial diagnostic arthroscopy product, mi-eye™.
Led by Jeffrey F. O’Donnell Sr., Chairman and CEO, Trice Medical offers the mi-eye device, 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.