KING OF PRUSSIA, Pa.--(BUSINESS WIRE)--Trice Orthopedics™, Inc., a privately held company, has raised $3.0 million in startup capital and announced the appointment of Richard H. Washburn as its President.
Mr. Washburn has twenty years of experience in new product development and medical device commercialization. Most recently he was President of Core Essence Orthopaedics, Inc. (CE), where he developed a strategic refocusing for the struggling maker of orthopedic extremity products, stabilized the company and successfully sold its assets for CE’s investors. Prior to CE, Rick served in a variety of Sales and Marketing roles over a seven-year period for Globus Medical, Inc., a spinal implant manufacturer. He received his B.S. in Mechanical Engineering from Rensselaer Polytechnic Institute, Troy, NY and his MBA from UCLA’s Anderson School of Management, Los Angeles, CA.
Jeffrey O’Donnell, Trice’s Executive Chairman of the Board, commented, “Trice’s Board is committed to recruiting the brightest and best to ensure success. We believe that Rick is the embodiment of that commitment. We are excited to have him on board and believe that his prior experience working within large and small startup medical device companies will help Trice to achieve its goals.”
Series A:
BioStar Ventures, of Petoskey, MI, and the Millennium Fund of Santa Clara, CA led the initial financing. The founders and Angel Investors filled the round. A second tranche will augment the funding and is expected to close in the 3rd quarter 2013. According to Washburn, “Proceeds of the Series A financing will fund Trice through its key inflection points. The capital will enable the company to complete Phase I diagnostic product development, regulatory approval, manufacturing and early US commercialization.”
Jeffrey F. O’Donnell commented, “It is our belief that Trice Orthopedics will change the standard of care for performing a variety of arthroscopic procedures by providing precise, real time, definitive assessment thus improving the outcomes associated with these procedures. We are grateful to the early stage investors and our individual investors for their participation in this initial round of funding to enable Trice to achieve its goals.”
Trice’s clinical solutions
Trice was founded to fundamentally improve orthopedic diagnostics and therapeutics by enabling instant and accurate office-based procedures. The company is pioneering needle based technologies that integrate miniaturized opto-electronics into well-designed clinical solutions. These solutions will benefit Patients, Physicians and Payers by providing more immediate and definitive patient care, eliminating the false reads associated with current indirect modalities and significantly reducing the overall cost of treatment.
Mr. Washburn commented: “It is exciting to be in on the ground floor of a company with a disruptive technology that is tailor-made for today’s healthcare environment. Our needle-based solutions will provide minimally invasive “eyes on” anatomic assessment and delivery of therapeutics via easy-to-use products.”
About Trice Orthopedics™, Inc.:
Trice 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.
