Trice Medical, a King of Prussia company working to improve micro diagnostic arthroscopy technologies to be used right in physicians’ offices, has just completed an $11.6 million Series B financing deal led by Safeguard Scientifics of Wayne.

BioStar Ventures also invested in the financing deal, which will help Trice Medical commercialize its trademarked mi-eye, a fully disposable, single-use visualization device using a 14-guage needle, light and camera to perform diagnostic arthroscopy.

The companies also announced Jeffrey O’Donnell Sr. will transition to the role of chairman and chief executive officer of Trice.  He was formerly executive chairman at Trice since it was founded in 2011.

The companies announced Safeguard invested $1.25 million in Trice and has 9.6 percent primary ownership. The second tranche of financing will close depending upon FDA clearance for mi-eye.  At that point, Safeguard would invest an additional $3.75 million in Trice, increasing Safeguard’s primary ownership to 26 percent.

Dr. Gary Kurtzman, managing director for Safeguard’s Healthcare division, said mi-eye will deliver cost savings for insurers and give patients a better experience.

O’Donnell also said mi-eye will give injured patients answers during their first visit to an orthopedic surgeon’s office, shrinking recovery time.

“The technology and the current market create the perfect environment for the launch of this product,” said O’Donnell, who has 30 years of experience leading medical device companies including Kensey Nash, Radiance Medical Systems and Boston Scientific Corp.

For six decades, Safeguard Scientifics has provided growth capital and operational support to entrepreneurs in health care and technology.  Trice works in orthopedic diagnostics, and is focused on camera-enabled needle technologies such as mi-eye.