Diagnostics Company, Trice Medical, Raises $11.6M Series B Financing, Names CEO
Posted by | July 17, 2014
Trice Medical, a private diagnostic company focused on micro invasive technologies, is pioneering needle-based diagnostic and therapeutic technologies for orthopedics.
Today, we announced that Trice raised $11.6 billion in a Series B financing, which was led by Safeguard with participation from BioStar Ventures and other existing investors.
Proceeds from the funding will support Trice’s efforts to commercialize and market its initial diagnostic arthroscopy product, mi-eye™, into the physician’s office.
Jeffrey F. O’Donnell Sr. will transition to the role of Chairman and CEO after serving as Executive Chairman since Trice’s founding in 2011.
We believe that Trice has the potential to significantly disrupt the current orthopedic diagnostics paradigm. Trice is addressing all three major constituents within healthcare—physicians, payers and patients. They already have reimbursement codes for physicians in place; they clearly deliver cost savings for insurers; and they provide a better experience for patients.
In addition, we’re thrilled to be working with Jeff O’Donnell again, who previously served as a member of Safeguard’s Life Sciences Advisory Board. His extensive experience in devices and diagnostics, along with Richard H. Washburn—Trice’s President and COO who has 20 years of experience in new product development and medical device commercialization—will prove invaluable for the company as it prepares to commercialize mi-eye.
mi-eye is designed to provide a more immediate, definitive and less expensive diagnosis, eliminating the false reads of indirect modalities, such as MRIs. Mi-eye is 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.
Check out a list of publications that covered the news earlier today:
- CNNMoney
- Dow Jones VentureWire
- Entrepreneur Sky | Startup & Tech Buzz
- FinSMEs
- Philadelphia Business Journal
- Philadelphia Inquirer (ran in print edition 7/17 as well)
- Philly.com Blog
- WSJ Venture Capital Dispatch
