INDIANAPOLIS - Indianapolis-based NICO Corp. has completed a $12.5 million Series B round of funding. The neurosurgical medical device manufacturer says the funding will support a variety of priorities, including new product development and commercialization, as well as additional clinical studies.

The financing, the company says, was raised among current shareholders. Jim Pearson, chief executive officer of NICO Corp., says the funding confirms the shareholders' commitment and confidence in the value and outcomes of NICO technologies.

"In a traditionally slow-to-change environment combined with this era of stringent healthcare regulations and protocols, market growth in neurosurgery is challenging and only happens through documented outcomes demonstrating improved clinical outcomes and economic value," said Person. "This infusion of capital positions us well to further support and validate clinical outcomes through peer-reviewed publications. It also enables us to continue working toward meeting the growing demand around the world for our technologies used in minimally invasive parafascicular surgery (MIPS)."

In a news release, NICO outlined five priorities that will benefit from the funding:

  • New product development and commercialization
  • Adding to the growing library of published evidence around improved clinical and economic outcomes
  • Pursuing additional clinical studies in tissue collection and biological preservation for personalized medicine research initiatives
  • Sales and clinical team growth
  • Geographic expansion

The company says the geographic expansion efforts will be focused on Europe. The company currently has a footprint in the U.S., United Kingdom, Canada, Singapore, and Australia.

The latest round of funding brings NICO's total capital funding raised to $49.5 million since its founding in 2007.