Startup NICO raises another $1.73M

February 16, 2009

Indianapolis-based medical-device startup NICO Corp. has raised $1.73 million from investors.

NICO was founded last year by a core group of entrepreneurs who had previously formed medical-device maker Suros Surgical Systems Inc., one of the fastest-growing companies in Indianapolis history. Just six years after starting Suros in 2000, they sold it for $248 million.

The acronym NICO stands for Neural Introventional Co. The startup is attempting to commercialize a minimally invasive medical device that can remove tumors and tissues from the human brain and spine. The device is based on the same technology Suros used to create its innovative equipment for automated-needle breast biopsies. The new company licensed the technology from Suros' purchaser, Bedford, Mass.-based Hologic Inc.

Last year, NICO raised $1 million from Suros' original group of 45 angel investors. It also hired Rose-Hulman Ventures to help develop the technology, just as Suros once did for its device.

NICO has dubbed its medical device "the Myriad." NICO reports it has already met a number of significant early milestones in its development, including tests at the University of Pittsburgh Medical Center, the University of Cincinnati, Barrow's Neurological Institute in Phoenix and St. Vincent Health in Indianapolis. NICO hopes to begin commercial sales of the Myriad by summer.

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