Trice Medical, a Wayne and King of Prussia, PA-based diagnostics company focused on micro invasive technologies, closed the first tranche of an $11.6m Series B financing.
The round was was led by Safeguard Scientifics (NYSE:SFE) with participation from BioStar Ventures and other existing investors.
As part of this first tranche, Safeguard deployed $1.25m and has a 9.6% primary ownership position. The second tranche will close pending 510(k) clearance from the FDA for mi-eye. With this regulatory milestone, Safeguard expects to deploy an additional $3.75m, which will increase its primary ownership to approximately 26%.
Consequently, the company intends to use the funds to commercialize and market its product.
Led by Chairman and CEO Jeffrey F. O’Donnell Sr., Trice Medical provides 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 offered to customers in sterile packaging and ready for immediate use.