Trice Medical has moved to acquire S.E.G-Way Orthopaedics, to build a company that offers both diagnostic and surgical solutions for minimally invasive orthopedic procedures.
S.E.G-Way brings its endoscopic carpal tunnel release device to the deal, which supports minimally invasive surgeries for carpal tunnel syndrome, cubital tunnel syndrome, gastrocnemius equinus contracture and plantar fasciitis.
Meanwhile, Trice offers a fully disposable arthroscopy camera through its Mi-eye device, as well as a lightweight, transportable ultrasound system. Financial details of the deal were not disclosed.
“We’re looking forward to integrating the SegWAY offerings and building on our combined strengths,” Jeffrey O’Donnell Sr., CEO of Trice Medical, said in a statement. “One of the areas we’re looking at is using our minimally invasive camera technology in the operating room as well.”
According to the two companies, more than 600,000 carpal tunnel surgeries are performed each year in the U.S., and about a quarter of them are performed endoscopically.
“In just over five years, growing at 30% to 40% year on year, we’ve created tremendous traction among orthopedic surgeons,” said Stuart Seymour, CEO and founder of S.E.G-Way, in the statement. “Teaming with Trice Medical, which is advancing technologies that involve cameras and ultrasound, rounds out our offering for those doctors.”
Last month, Malvern, Pennsylvania-based Trice closed an $18.3 million extension to its series C round, to help expand its global commercialization efforts and fund development of new products.