Durham, N.C.-based medtech company Bioventus is investing in minimally invasive technologies by Trice Medical, a company focused on sports medicine and orthopedic surgery devices, Bioventus said Aug. 25.
In addition to the investment, the terms of which were not disclosed, the companies will enter into a co-development arrangement to discuss integrating Trice tech with Bioventus' peripheral nerve stimulation products, StimRouter and TalisMann, as well as future offerings, according to a news release.
"Our investment will not only fund the ongoing growth of Trice, but also is expected to allow both companies to further validate the merits of a combination," Chris Yamamoto, Bioventus senior vice president of business development and strategy, said in the news release.
Bioventus is leading the series D funding round and will gain exclusive sales and distribution rights to Trice products outside the U.S., the news release said.
Malvern, Penn.-based Trice develops products to treat conditions including tendinopathy, plantar fasciitis and carpal tunnel syndrome and to reduce recovery time, pain and scarring.