King of Prussia’s Trice Medical has raised $19.3 million in a private stock sale to finance the national rollout of its mi-eye2 product, writes John George for Philadelphia Business Journal.

This financing round saw the arrival of global medical equipment manufacturer Smith & Nephew, which acquired a minority stake in the company. It joins other key investors such as Radnor’s Safeguard Scientifics, HealthQuest Capital, and BioStar Ventures.

The mi-eye2 was approved by the FDA for a limited market launch late last year. It consists of a disposable needle fitted with a wide-angle camera that allows physicians to diagnose joint injuries remotely.

[uam_ad id=”51712″]

Advertisement 

Trice’s president and CEO, Jeffrey O’Donnell Sr., said that the funds will help Trice attract the new talent it requires to scale its operation and position mi-eye2 as the standard of care in diagnostic imaging. It is already in use in around a hundred physician practices in 25 states.

“This is a significant milestone for Trice Medical,” said O’Donnell. “We are looking to expand our sales, marketing and commercialization efforts, and bolster our workforce.”

Read more about the company’s plans at Philadelphia Business Journal by clicking here.

[uam_ad id=”52088″]