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Life sciences startup raises USD10m venture capital

Nico Corporation, founded by several experienced Indiana life science executives, has secured USD10m in series C funding from more than 45 new investors.

Nico Corporation, founded by several experienced Indiana life science executives, has secured USD10m in series C funding from more than 45 new investors.

Nico is a privately-held medical device company holding exclusive worldwide patent rights to the newest automated minimally invasive neuro and spinal tissue and tumor removal instruments.

The investment round was led by Rose-Hulman Institute of Technology, Twilight Venture Partners, River Cities Capital Funds, Clarian Health Ventures, and The Halo Group.

"Nico is one of those companies that has all the right ingredients for a success story,’ says Carter McNabb, managing director of River Cities Capital Funds. "Innovative technology, compelling clinical applications and experienced leadership are all components of the Nico story line. Nico’s leadership team produced outsized results in the past with Suros Surgical Systems, and we believe they are poised to do it again with Nico."

Indiana’s life science sector continues to show signs of strength even during challenging economic times. Nico launched its first product, the Nico Myriad, in May. The company has raised more than USD12m in total investments with over 60 investors.

Jim Pearson, Nico president and chief executive, says: "Securing this level of commitment from investors who understand the importance of integrating reliable and industry-changing technology with a solid business plan indicates an unprecedented level of confidence during unpredictable economic times. These investments will allow Nico to ramp-up production and ultimately provide patients with new minimally invasive surgery options."

The Nico Myriad is designed for all soft tumor tissue removal in the central nervous system and offers surgeons more control for delicate tissue shaving on and around critical structures while drastically reducing surgical procedure times. It can be inserted down the working channel of an endoscope and is capable of cutting, aspirating and dissecting tissue without removal from the surgical field.

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