Medical Device Maker Closes $12.5M Funding Round – Inside Indiana Business

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NICO Corp. manufactures devices such as BrainPath. (photo courtesy of NICO Corp.)

Indianapolis-based NICO Corp. completed a $12.5 million funding round. The company, which makes devices for minimally invasive neurosurgical care, said it would use the oversubscribed round to grow its business and add up to 15 jobs.

NICO makes devices like BrainPath, which is designed to help neurosurgeons navigate a brain tumor or hemorrhagic stroke with minimal impact to the brain itself. Other devices are used to illuminate and remove tumors in a minimally invasive surgical (MIS) setting.

BrainPath was featured in a 2016 edition of IIB’s Life Sciences INdiana newsletter.

The company recently completed an adaptive clinical trial focused on intracerebral hemorrhage (ICH), or hemorrhagic stroke, using an MIS procedure that uses the natural folds of the brain to access and surgically treat hemorrhages within the first 24 hours of the onset of symptoms.

NICO said he would use the funding to build on continued progress in his ICH efforts.

The round was led by healthcare private equity firm RC Capital, which has offices in Ohio and North Carolina, as well as existing investors.

“NICO represents everything we look for in a medical technology company – a great market opportunity, growing revenues, demonstrated clinical results, patent-protected technology and compelling hospital economics – all led by a team of successful direction,” J. Carter McNabb, managing partner at RC Capital, said in written remarks. “The brain is truly the final frontier of minimally invasive surgery in medical technology, and NICO’s platform technology is the catalyst for that change.”

NICO currently has 60 employees, including 20 office staff and 40 field staff. About 25 people work at the company’s Indianapolis headquarters, a spokesperson told Inside Indiana Business.

The company posted 25% revenue growth last year and said it was on track to see similar growth in 2022.

“Adoption rates have continued to increase, leading to teaching GIS to neurosurgical residents. That’s how I know we have resistance,” said Jim Pearson, President and CEO of NICO. “It’s not about whether we will succeed. We are succeeding and we are in the midst of revolutionary changes in neurosurgery.

NICO said it has received $62 million in investments since its launch in 2007.

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