Trice Medical Raises Unexpected Additional Series B Funding

King of Prussia, Pa.-based Trice Medical Inc. has raised an additional $6.5 million in a private equity financing, bringing its total series B funding round to $18 million. This round was led by Wayne, Pa.-based Safeguard Scientifics Inc.

In September, Trice received U.S. Food and Drug Administration approval for its Mi-eye product. Mi-eye is a fully disposable, single-use, visualization device. It features a standard 14-gauge needle with an integrated camera and light source that allows doctors to perform diagnostic arthroscopies in their office during an initial patient consultation.

Jeff O’Donnell, chairman and CEO of Trice Medical, said the device was created to help doctors diagnose orthopedic injuries faster and more cost effectively. The device also eliminates false reads that can occur with other types of diagnostic tests, such as an MRI (magnetic resonance imaging).

O’Donnell said the company already is marketing the device in a small number of markets to get feedback from key physicians in preparation for a national launch in May.

The company plans to use the proceeds from the financing to fund two clinical trials to further show the efficacy of Mi-eye.

“We are also going to hire clinical specialists to work out in the field supporting the independent distributors we are using,” he said. “And we also want to streamline our manufacturing process.”

O’Donnell said the additional funding came from an investor, whom he did not identify, who contacted Trice after it had closed its $11.6 million series B financing last July.

Trice Medical manufactures needle- based diagnostic and therapeutic technologies for orthopedics.