NICO, an Indianapolis-based neurosurgery medical device company, completed a $15 million capital raise.
Here are six notes:
1. The capital raise addresses the expansion of newly developed markets, which NICO's technologies created for subcortical brain surgery.
2. The recent funding doubles the total amount NICO raised.
3. The funds will aid in the progression of clinical data, customer training of NICO technology, commercialization of new products, expansion beyond North America and hiring new staff for initiatives.
4. The company is conducting a clinical trial of the BrainPath Approach versus the "watch and wait" approach for the treatment of spontaneous intracerebral hemorrhage. Emory Stroke Center and Marcus Stroke & Neuroscience Center of Grady Memorial Hospital, both in Atlanta, are leading the trial.
5. Surgeons have performed more than 3,000 BrainPath procedures in the United States.
6. River Cities Capital Funds and Rose-Hulman Institute of Technology contributed about $10 million of the funds.
"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," said Carter McNabb, managing director of River Cities Capital Funds.