KING OF PRUSSIA, Pa.--(BUSINESS WIRE)--Trice Orthopedics™, Inc. today announced that it closed its Bridge Loan financing, raising approximately $3.0 million in new capital. BioStar Ventures led the round, along with Millennium Life Sciences, existing investors, and several new private investors.
Trice Orthopedics™, Inc., a private company, is pioneering needle-based diagnostic and therapeutic technologies to empower simple, cost-effective orthopedic procedures in the Physician’s office. The device enables minimally invasive "Surgeon Eyes-On” procedures which are near painless, cosmetically undetectable and deliver convenient, surgical grade care in the office environment. The device is designed to provide a more immediate and definitive diagnosis, eliminating the false reads of indirect modalities, such as MRI, which significantly reduces the overall cost of treatment.
Trice Orthopedics™, Inc. President, Richard Washburn commented, “These proceeds will fund the company through its 510(k) submission, in Q1 2014, and the start of commercialization in mid-2014. We look forward to this next stage of our development. I believe that there will be a tremendous amount of opportunity in the orthopedic markets for the Trice device.”
Jeff O’Donnell, Executive Chairman of the Board and a BioStar Managing Director added, “We believe the features and benefits of the Trice device will be the catalyst to explode in office endoscopy. Our plan to grow the company through direct sales and strategic relationships will provide our shareholders a healthy return in a reasonable time period.”
Today, the U.S. arthroscopy market is expected to more than double to over $4.2B by 2017. Alan Davis, MD, an orthopedic surgeon at the Cleveland Clinic and Medical Venture Partner of BioStar Ventures, said, “There is a tremendous unmet need for the Trice device. The ability to obtain immediate insight to a patient’s condition, via a minimally invasive office based procedure with this easy to use, pre-sterilized, disposable device provides tremendous clinical advantages to physicians and patients. Its simple, elegant design and use will make it desirable for a wide variety of arthroscopic uses.”
About Trice Orthopedics™, Inc.
Trice Orthopedics™ is pioneering Needle Based Diagnostic and Therapeutic Technologies for Orthopedics. The company's Micro Vision Solutions enable definitive and convenient surgical-grade care in the physician's office. Trice's products are designed to streamline the delivery of care, reduce costs to the healthcare system and improve patient outcomes via existing reimbursement codes. Trice is a privately held, venture-backed company headquartered in King of Prussia, PA. For more information, visit www.TriceOrtho.com.