Innovative King of Prussia Medical Company Raises $5 Million
King of Prussia’s Trice Medical, the developer of the mi-eye medical device to help diagnose joint injuries has raised $5 million in debt financing, writes John George for Philadelphia Business Journal.
While the amount is a little shy of the $6.3 million the company is looking to raise according to documents file with the SEC, the company is also raising funds through its third round of equity investments ahead of the launch of the mi-eye 2 later this year.
Trice’s mi-eye diagnostic device has a disposable needle with a fully integrated camera that can be used to look inside joints such as the knee and elbow. It was conceived to reduce the need for patients to require separate appointments for an MRI and for a doctor to evaluate their joint injuries. The mi-eye 2 received FDA approval in October last year
“We received our FDA approval much sooner than expected,” noted Jeffrey F. O’Donnell, Trice’s president and CEO. “The company’s current investors funded a bridge to firm up the balance sheet and accelerate the hiring of sales people and manufacturing of our now approved product.”
Read more about Trice Medical at Philadelphia Business Journal by clicking here.
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