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Trice Medical Closes $19MM Financing

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Trice Medical closed a $19.3MM Series C financing, including a minority stake from Smith & Nephew. Funds will support U.S. marketing for mi-eye2™, as well as ex-U.S. regulatory approvals. To date, Trice Medical has raised $40.9MM.

This second-gen iteration of the technology, which can be used in place of MRI to diagnose joint injuries, received FDA 510(k) clearance during 4Q16. The system comprises a disposable needle embedded with a wide-angle camera lens. To date, the system is used by ~100 practices in 25 states.

Funds will also support R&D for a 3rd-generation device. As well as Smith & Nephew, other participating investors included Safeguard Scientifics, HealthQuest Capital and BioStar Ventures.

Sources: Trice Medical; ORTHOWORLD Inc.