Trice Medical Raises $11.6M Series B Financing Led by Safeguard Scientifics.
Trice Medical, a private diagnostics company focused on micro invasive technologies, today announced that it closed the first tranche of an $11.6 million Series B financing, which was led by Safeguard Scientifics 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.
In addition, 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.
As part of this first tranche of financing, Safeguard deployed $1.25 million in Trice and has a 9.6% primary ownership position. The second tranche of financing will close pending 510(k) clearance from the FDA for mi-eye. With this regulatory milestone, Safeguard expects to deploy an additional $3.75 million in Trice, which will increase Safeguard’s primary ownership to approximately 26%.
“We believe that Trice has the potential to significantly disrupt the current orthopedic diagnostics paradigm,” said Gary J. Kurtzman, M.D., Managing Director, Healthcare at Safeguard who will join Trice Medical’s board of directors. “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.”
Mr. O’Donnell stated, “mi-eye provides the injured patient with an answer to their injury during their first visit to the orthopedic surgeons office. It will shrink the time from injury to recovery and reduce cost to the healthcare system. This financing will allow Trice to begin marketing mi-eye, pending U.S. FDA Clearance. This is a tremendous opportunity to lead Trice’s team, expand the company’s value proposition, and partner once again with Safeguard Scientifics. The technology and the current market create the perfect environment for the launch of this product.”
Mr. O’Donnell is a serial entrepreneur with more than 30 years of experience leading medical device companies. In 2008, Mr. O’Donnell started Embrella Cardiovascular, a medical device startup company, which was sold in 2011 to Edwards Lifesciences (EW). Prior to Embrella Cardiovascular, Mr. O’Donnell served as President and CEO of PhotoMedex (PHMD) from 1999 to 2009. He was the President and CEO of Radiance Medical Systems (originally Cardiovascular Dynamics) from 1997 to 1999 after serving as its Vice President of Sales and Marketing from 1995 to 1997. From 1994 to 1995 Mr. O’Donnell held the position of President and CEO of Kensey Nash Corporation (KNSY). Additionally, he has held several senior sales and marketing management positions at Boston Scientific Corporation, Guidant Corporation and Johnson & Johnson’s Orthopedic Division.