NICO Corporation, an Indianapolis-based neurosurgery medical device manufacturer, recently completed a $15 million capital raise important to the expansion of newly developed markets created by their technologies and systems approach to subcortical brain surgery. The funding nearly doubles the total amount raised by NICO and provides a strong position to aggressively respond to a market enthusiastic about technologies that have documented clinical and economic outcomes.
Funding will support multiple business priorities, including the advancement of promising clinical data1 delivered through a randomized controlled trial, expanded customer training of NICO technology, commercialization of new products, geographic expansion beyond North America, and additional staff to support critical new initiatives. The randomized controlled trial will evaluate the clinical effectiveness of early surgical intervention of spontaneous intracerebral hemorrhage (ICH) using the BrainPath Approach™ versus a “watch and wait” medical management approach to treatment.
“Our documented and published results prove that we can and do deliver on the new healthcare model known as Triple Aim, and our investors have shown they believe in our results,” said Jim Pearson, president and CEO of NICO. “We have a solid foundation of clinical and economic evidence, and that evidence continues to grow, giving us added momentum for controlled market expansion and deliberate steps toward setting a new standard of care in neurosurgery.”
Nearly $10 million of the funds raised came from River Cities Capital Funds (RCCF) and Rose-Hulman Institute of Technology, both investors in NICO since the company formed in 2008. RCCF increased its investment by 400 percent over previous contributions during this capital raise.
“NICO represents one of those rare opportunities that a company can both create and define a standard of care in a space where none currently exists and establish a medical device franchise in one of the last untapped frontiers of the human body, the brain,” saidCarter McNabb, managing director of River Cities Capital Funds. “There is growing clinical consensus that using the BrainPath Approach for subcortical access, resection and tissue preservation will be the foundation of a new standard of care. That reality, combined with the exceptional team at NICO, makes this one of our most exciting device investments.”