Monteris Medical, a private medical technology company dedicated to becoming the technology leader in minimally invasive brain surgery, announced it has secured $73 million in financing including $35 million in new Series D equity and a $38 million debt facility. The equity financing was led by new investor, InnovaHealth Partners, and was supported by existing lead investor, Birchview Capital.
The debt facility, provided by Madryn Asset Management, LP, extended $28 million at closing, with the option to draw an additional $10 million upon the achievement of certain milestones. The proceeds will be used to support important market adoption, clinical research and technology programs and will permit the company to refinance its current obligation.
“Brain tumor and drug-resistant epilepsy patients and their physicians are looking for less invasive options when making their treatment decisions,” said Martin J. Emerson, Monteris Medical’s president and chief executive officer. “NeuroBlate has been proven to offer a less invasive option for patients considering open brain surgery and is also a valuable minimally invasive tool to address surgical locations in the brain that are not accessible with more invasive traditional methods. The Monteris Medical team is pleased to add InnovaHealth and Madryn as financial partners, allowing us to further expand our efforts to bring the value of the NeuroBlate technology to more physicians and the patients we collectively serve.”
The proceeds of this financing will be used to continue to support the rapid adoption of Monteris Medical’s NeuroBlate® System, an MR-guided laser ablation system that allows for a minimally invasive surgical alternative to open craniotomies. The NeuroBlate System is currently installed in more than 100 hospitals in the United States and Canada and is actively used in minimally invasive treatment approaches for patients with drug-resistant epilepsy, primary and metastatic brain tumors, and radiation necrosis. These proceeds will also be used to continue ongoing clinical research, including exciting work in adjuvant immunotherapies, and technology advancement projects for the NeuroBlate System.
“Monteris Medical’s NeuroBlate technology and the company’s increasing depth of clinical evidence are transforming how physicians and their patients think about brain surgery. We are proud to support the expansion of this important technology,” said Mortimer “Tim” Berkowitz III, InnovaHealth’s president and chief executive officer.