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Nico raises $6.5 million more from existing investors

December 4, 2012

Indianapolis-based Nico Corp. has raised another $6.5 million in venture capital from its existing shareholders and board members, the Indianapolis-based medical device maker announced Monday.

Nico’s Myriad line of products allow minimally invasive removal of brain tumors and tissue in adults and children. Now Nico wants to use the new round of capital to develop technology to address diseases that were often considered inoperable, such as metastatic brain cancer, intracerebral hemorrhages and glioblastoma multiforme.

“We’ve raised additional funds because we are growing and realizing our goal of revolutionizing neurosurgery through the development of new and modern ways to remove tumors and tissue abnormalities from the brain with the least amount of negative impact to the patient,” Nico CEO Jim Pearson said in a prepared statement. “This is much like the transition from conventional knee surgery to arthroscopic surgery.

Since 2008, Nico has raised $20 million, with half of that coming in 2009. Investors participating in its latest fundraising round included Rose-Hulman Institute of Technology, River Cities Capital Fund, CHV Capital, Cornelius Private Investments and Twilight Venture Partners.

“The driving factors for our investment were Nico’s team, the technology, and the opportunity to significantly improve clinical and economic outcomes in treating patients,” said Kyle Salyers, managing director of Indianapolis-based CHV Capital, an investment firm associated with the Indiana University Health hospital system, in a prepared statement. “With the current investment, we believe the company will transform the standard of care in treating a large set of neurological disorders while improving outcomes for patients and for the hospital.”

More than 200,000 people in the United States and 2 million people worldwide are diagnosed with brain tumors every year.

Nico was founded in 2007 by many of the same executives and investors that created Suros Surgical Systems Inc., which was sold in 2006 to Massachusetts-based Hologic Inc. for $248 million.

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