$15M Infusion to Expand NICO's Presence

Posted: Updated:
NICO is looking to expand the use of its BrainPath technology (pictured). NICO is looking to expand the use of its BrainPath technology (pictured).
INDIANAPOLIS -

Indianapolis-based NICO Corp. has raised $15 million in capital. The neurosurgery medical device manufacturer says the funding will support additional staff, a clinical trial and expanding its footprint outside of North America.

NICO says the bulk of the funding, $10 million, came from River Cities Capital Funds and Rose-Hulman Institute of Technology. RCCF has offices in Cincinnati and North Carolina.

The company says it's now in a "strong position to aggressively respond to a market enthusiastic" about its technology. Chief Executive Officer Jim Pearson says "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."

The infusion nearly doubles NICO's previous fundraising totals.

RCCF Managing Director Carter McNabb calls it one of the firm's most exciting investments. "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. 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," he said.

The trail has attracted interest from more than 50 major health care centers. Only 10-15 will qualify to participate. NICO says its BrainPath technology allows for minimally disruptive access to the difficult-to-reach subcortical region of the brain. According to the company, more than 3,000 BrainPath procedures have already been performed successfully in the U.S.

  • Perspectives

    • How to Build an Effective Team

      Many leaders who are looking to increase overall productivity at their company are implementing collaborative team environments. This growing trend is backed up by a recent study that states collaborative work environments lead to an increase in overall profitability. However, teams are only effective if built correctly. Don’t expect a group of employees to work well together if you throw them in a room without cultivating any sort of trust or team building.

    More

Events



  • Most Popular Stories

    • UPDATE: Nestl√© Details Fort Wayne Layoffs

      Virginia-based Nestlé USA says only 40 employees will be laid off at the company's Fort Wayne distribution center. A spokesperson for Nestlé tells Inside INdiana Business a WARN Notice filed with the state incorrectly stated the facility would close at the end of the year, affecting nearly 70 workers.

    • Eleven Fifty to Move Headquarters

      Eleven Fifty Academy has announced plans to relocate. The nonprofit coding academy says it will invest $5 million to move its national headquarters to a 25,000-square-foot space in downtown Indianapolis near the Indiana Statehouse. Eleven Fifty says it will maintain its existing space in Fishers and has additional plans to add more locations statewide in the future. The organization says it aims to bring its staff to more than 150 over the next six years. Founder Scott Jones...

    • Purdue Startup Targets Airline Food Carts

      A Purdue University-affiliated student startup thinks its innovation will help airlines become more efficient. Operating out of the Purdue Railyard, FlykeART has developed what it calls a lighter and smarter galley cart for airlines, which co-founder Yuhan Roh says could save airlines millions of dollars in fuel costs. The slimmer cart design, according to Purdue, would also help make the carts less of an injury threat for travelers. On The INnovators with Dr. K, Roh said...

    • Gateway Park will lead into the downtown district.

      Plans For New Muncie Facility Halted

      Plans for a $75 million project at the former BorgWarner site in Muncie have come to a halt.  Nigel Morrison, director of Waelz Sustainable Products LLP says “a campaign of misinformation tainted the process and ultimately made it impossible for the city council to continue supporting the project.” The project was first announced in January and was slated to create up to 90 new jobs. The announcement follows the opposition of Muncie residents who...

    • Northern Indiana Telemarketer Sentenced in Scheme

      A Merrillville telemarketer has been sentenced to over five years in prison for his role in a $10 million scheme to defraud mostly elderly victims in the United States. Carlin Woods, 35, pleaded guilty in 2017 to a count of conspiracy to commit wire fraud, one count of wire fraud and another conspiracy count to commit money laundering.