Trice Medical, a King of Prussia, Pa.-based developer of an in-office handheld diagnostic tool, closed a $19.3m Series C financing.
Smith & Nephew (LSE:SN, NYSE: SNN), a global medical technology business, 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.
The company, which has raised $40.9m to date, intends to use the funds to accelerate and expand U.S. market penetration for mi-eye2™, R&D, sales, marketing and key international regulatory approvals.
Led by Jeffrey O’Donnell, Sr., President and CEO, Trice Medical has developed fully integrated camera-enabled technology, the mi-eye 2, which provides a clinical solution optimized for the physician’s office as a replacement to the MRI. The mi-eye, which is currently being used by nearly 100 physician practices across 25 states, features a disposable needle embedded with a wide-angle camera lens that enables physicians to diagnose joint injuries from office. The scope’s improved vision quality and non-invasive technique provides patients with a more complete diagnosis.