Monteris Medical has closed a $28 million Series E equity financing round as it continues to advance its robotic minimally invasive neurosurgery technology.
Minnetonka, Minnesota–based Monteris also announced that it has refinanced its current debt and established a new $35 million credit facility with Trinity Capital.
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The equity capital will support research and development and other growth initiatives, while the equity financing will back U.S. commercial footprint expansion and accelerate other growth initiatives.
The new investments bring Monteris’ total money raised to roughly $200 million.
Monteris commercialized its NeuroBlate system in 2013. Since then, it has surpassed 9,000 clinical cases and expanded into nearly 130 health systems across North America. The system provides MRI-guided laser ablation for laser interstitial thermal therapy (LITT), a minimally invasive treatment for complex neurological diseases. LITT offers an alternative to the traditional open-skull (craniotomy) approach for abnormal brain tissue ablation.
The robotically-controlled NeuroBlate system uses laser energy to destroy abnormal brain tissue — including primary and metastatic brain tumors, radiation necrosis and epileptogenic foci — through a small hole in the skull. According to Monteris, Neuroblate is the only FDA-approved LITT system with a robotic platform.
Recently, Monteris scored a reimbursement win involving LITT coverage for more than 9 million military members, veterans and their families enrolled in Tricare.
The latest equity round included Monteris’ current lead investors, InnovaHealth Partners and Birchview Capital, along with participation from several new investors, including OSF Ventures, the investment arm of Peoria, Illinois–based OSF HealthCare, and the Colorado University Healthcare Innovation Fund. (The healthcare system venture funds are affiliated with institutions that offer NeuroBlate technology to their patients.) The company’s previous credit facility partner, Madryn Asset Management, is also a major participant in the equity round.
“OSF Ventures looks to invest in organizations that bring meaningful innovation to the clinicians and patients we serve,” Mayank Taneja, VP of Venture Investments at OSF Ventures, said in a news release. “Our clinicians have firsthand experience using Monteris’ technology in practice, and we’re excited to support a company whose evidence-based solutions make a significant impact in the field of minimally invasive neurosurgery. Moreover, our vision of improving the lives of those we serve aligns with Monteris’ mission to deliver hope and healing to the patients, families and care teams who rely on innovations like this.”
Mayank Taneja and Alex Marcantonio, managing director of Madryn Asset Management, have been added to Monteris’ board of directors.
“Monteris continues to build momentum as the preferred partner for neurosurgeons seeking minimally invasive options for patients with brain tumors and drug-resistant epilepsy,” said Richard Emmitt, Monteris’ board chair. “The support from both new and existing investors reflects strong confidence in NeuroBlate technology, Monteris’ strategy and the growing clinical demand for the NeuroBlate solution.”
