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Nico raises $6.5 million more from existing investors

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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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  1. John, unfortunately CTRWD wants to put the tank(s) right next to a nature preserve and at the southern entrance to Carmel off of Keystone. Not exactly the kind of message you want to send to residents and visitors (come see our tanks as you enter our city and we build stuff in nature preserves...

  2. 85 feet for an ambitious project? I could shoot ej*culate farther than that.

  3. I tried, can't take it anymore. Untill Katz is replaced I can't listen anymore.

  4. Perhaps, but they've had a very active program to reduce rainwater/sump pump inflows for a number of years. But you are correct that controlling these peak flows will require spending more money - surge tanks, lines or removing storm water inflow at the source.

  5. All sewage goes to the Carmel treatment plant on the White River at 96th St. Rainfall should not affect sewage flows, but somehow it does - and the increased rate is more than the plant can handle a few times each year. One big source is typically homeowners who have their sump pumps connect into the sanitary sewer line rather than to the storm sewer line or yard. So we (Carmel and Clay Twp) need someway to hold the excess flow for a few days until the plant can process this material. Carmel wants the surge tank located at the treatment plant but than means an expensive underground line has to be installed through residential areas while CTRWD wants the surge tank located further 'upstream' from the treatment plant which costs less. Either solution works from an environmental control perspective. The less expensive solution means some people would likely have an unsightly tank near them. Carmel wants the more expensive solution - surprise!

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