NICO Corporation has completed a US$12.5 million capital raise in an oversubscribed round that will scale the business, and leverage continued progress on the company’s recently completed adaptive clinical trial for intracerebral haemorrhage (ICH) and a new partnership in functional precision oncology for patients with deadly, treatment-resistant glioblastoma.
This oversubscribed investment round was led by RC Capital, with additional participation from existing NICO investors.
NICO’s target markets within neurosurgery are experiencing a “major shift” towards minimally invasive surgery approaches, making them attractive markets based on size, patient need and opportunity, the company notes in a press release, adding that NICO reported revenue growth of 25% in 2021 and is on pace for similar growth this year.
“NICO represents everything we look for in a medtech business—a large market opportunity, growing revenue, demonstrated clinical outcomes, patent-protected technology, and compelling hospital economics—all led by a serially successful executive team,” said J Carter McNabb, managing partner at RC Capital. “The brain is really the final frontier for minimally invasive surgery in medtech and NICO’s platform technology is the catalyst for that change.”
“Adoption rates have continued to grow, which has led to minimally invasive surgery being taught to neurosurgery residents. That is how I know we have staying power,” added Jim Pearson, president and CEO of NICO. “It is not a question of whether we will be successful. We are successful, and we are in the middle of revolutionary changes happening in neurosurgery.”