Nico Corp. said today that it raised nearly $13 million in a Series B round from a group of existing backers for its line of neurosurgery devices.

Indianapolis-based Nico said the $12.5 million round is earmarked for new product development and commercialization, clinical and economic studies, growing its sales and clinical teams, and expanding its footprint in Europe.

“Our shareholders have again confirmed their commitment and confidence in the value and outcomes of Nico technologies and our ability to both grow and create new markets in neurosurgery,” president & CEO Jim Pearson said in prepared remarks. “In a traditionally slow-to-change environment combined with this era of stringent healthcare regulations and protocols, market growth in neurosurgery is challenging and only happens through documented outcomes demonstrating improved clinical outcomes and economic value.

“This infusion of capital positions us well to further support and validate clinical outcomes through peer-reviewed publications. It also enables us to continue working toward meeting the growing demand around the world for our technologies used in minimally invasive parafascicular surgery (MIPS),” Pearson said.

In April 2017 the company won CE Mark approval in the European Union for its BrainPath device, which uses a shunt and specially designed instrumentation to provide surgical access to the subcortical brain for removing tumors and treating hemorrhagic stroke. The company also makes the Myriad instrument. Nico raised $15 million in February 2016 in a round led by prior backers River Cities Capital Funds and the Rose-Hulman Institute of Technology.

“Nico has taken a lead role in moving this form of stroke to the same level of visibility as ischemic stroke so that more patients can benefit from early intervention,” added River Cities Capital Funds co-founder Glen Mayfield. “The Enrich randomized controlled trial has the potential to set the stage for meaningful change in the standard of care for intracerebral hemorrhage, and the recent launch of an investigator-initiated study program will be an enabling mechanism for many institutions to conduct necessary studies and evaluation of data that will further validate improved clinical and economic outcomes using minimally invasive neurosurgery approaches.”