12.09.13
Trice Orthopedics Inc. recently closed bridge loan financing, raising approximately $3 million in new capital. BioStar Ventures, of Petoskey, Mich., led the round, along with Millennium Life Sciences, existing investors, and several new private investors, the startup company reported.
Trice Orthopedics, a private company, is developing needle-based diagnostic and therapeutic technologies to for what the company calls “simple, cost-effective orthopedic procedures in the physician’s office.” The device Trice is working on enables minimally invasive “surgeon eyes-on” procedures that the company claims are “near painless, cosmetically undetectable and deliver convenient, surgical-grade care” in the office environment. The device is designed to provide a more immediate and definitive diagnosis, eliminating the false reads of indirect modalities, such as MRI, which significantly reduces the overall cost of treatment.
“These proceeds will fund the company through its 510(k) submission, in Q1 2014, and the start of commercialization in mid-2014,” said Richard Washburn, Trice’s president. “We look forward to this next stage of our development. I believe that there will be a tremendous amount of opportunity in the orthopedic markets for the Trice device.”
Jeff O’Donnell, executive chairman of the board and a BioStar managing director added: “We believe the features and benefits of the Trice device will be the catalyst to explode in office endoscopy. Our plan to grow the company through direct sales and strategic relationships will provide our shareholders a healthy return in a reasonable time period.”
Today, according to figures cited by the company, the U.S. arthroscopy market is expected to more than double to over $4.2 billion by 2017.
Based on that kind of expected growth, Alan Davis, M.D., an orthopedic surgeon at the Cleveland Clinic and medical venture partner of BioStar Ventures, noted: “There is a tremendous unmet need for the Trice device. The ability to obtain immediate insight to a patient’s condition, via a minimally invasive office based procedure with this easy to use, pre-sterilized, disposable device provides tremendous clinical advantages to physicians and patients. Its simple, elegant design and use will make it desirable for a wide variety of arthroscopic uses.”
Trice is based in King of Prussia, Pa.
Trice Orthopedics, a private company, is developing needle-based diagnostic and therapeutic technologies to for what the company calls “simple, cost-effective orthopedic procedures in the physician’s office.” The device Trice is working on enables minimally invasive “surgeon eyes-on” procedures that the company claims are “near painless, cosmetically undetectable and deliver convenient, surgical-grade care” in the office environment. The device is designed to provide a more immediate and definitive diagnosis, eliminating the false reads of indirect modalities, such as MRI, which significantly reduces the overall cost of treatment.
“These proceeds will fund the company through its 510(k) submission, in Q1 2014, and the start of commercialization in mid-2014,” said Richard Washburn, Trice’s president. “We look forward to this next stage of our development. I believe that there will be a tremendous amount of opportunity in the orthopedic markets for the Trice device.”
Jeff O’Donnell, executive chairman of the board and a BioStar managing director added: “We believe the features and benefits of the Trice device will be the catalyst to explode in office endoscopy. Our plan to grow the company through direct sales and strategic relationships will provide our shareholders a healthy return in a reasonable time period.”
Today, according to figures cited by the company, the U.S. arthroscopy market is expected to more than double to over $4.2 billion by 2017.
Based on that kind of expected growth, Alan Davis, M.D., an orthopedic surgeon at the Cleveland Clinic and medical venture partner of BioStar Ventures, noted: “There is a tremendous unmet need for the Trice device. The ability to obtain immediate insight to a patient’s condition, via a minimally invasive office based procedure with this easy to use, pre-sterilized, disposable device provides tremendous clinical advantages to physicians and patients. Its simple, elegant design and use will make it desirable for a wide variety of arthroscopic uses.”
Trice is based in King of Prussia, Pa.