INDIANAPOLIS, Indiana — Tissue-removal toolmaker NICO Corp. has raised $10 million (pdf) to increase production and expand sales of its first product.
The 2-year-old company launched its NICO Myriad two months ago and had raised about $1.7 million (pdf) in February to help with the product. The Myriad is a minimally invasive surgical tool to remove all soft tumor tissue in the central nervous system. The company says it cuts procedure times and gives surgeons better control for difficult tissue shaving around critical areas in the body.
Also, the device doesn’t use heat and as a result won’t cause heat-related damage to nearby nerves or blood vessels. It is approved for adults and children.
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The latest investment was led by Rose-Hulman Institute of Technology, Twilight Venture Partners, River Cities Capital Funds, Clarian Health Ventures and HALO Capital Group, according to the company.
“These investments will allow NICO to ramp-up production and ultimately provide patients with new minimally invasive surgery options,” NICO Chief Executive Officer Jim Pearson stated in a press release.
