Monteris Medical Inc. (Monteris) announced it has closed financing totaling $13.3 million ($8.3 million preferred share component and $5 million of term debt) to support the commercialization of the NeuroBlate System® in the North American neurosurgery market. With this latest financing round total capital raised in 2012 and 2013 exceeds $30 million. BDC Venture Capital led the preferred share round, with the remainder funded by the SWMF Life Science Fund and other independent parties. Oxford Finance LLC (“Oxford”) provided the term debt.
“Monteris Medical is a great example of how BDC Venture Capital is providing the most promising health tech companies with access to the capital required to develop and commercialize new, cutting-edge healthcare technologies,” stated Gary Bantle, Partner with the BDC Venture Capital Healthcare Fund. “We are pleased to support Monteris Medical’s medical device technology, which offers neurosurgeons a new treatment solution for patients suffering from brain tumors or epilepsy.”
“Oxford values its relationship with Monteris Medical and will provide financial support to the company as it expands its commercial operations,” said Christopher Herr, Managing Director for Oxford Finance. “Medical device segment investments form an important part of our portfolio.”
“I am pleased to have resources to fund full commercialization of the NeuroBlate System® in North America,” said John Schellhorn, President and Chief Executive Officer of Monteris. “The NeuroBlate® System is meeting clinical expectations and our sales pipeline is growing rapidly while our surgeon customers increase their utilization of the system. Monteris is quickly entering a new phase as we transition from our limited launch to full-scale commercialization. We are grateful to our existing investors for their continued confidence and for the new relationship we have established with Oxford Finance.”
“The monies raised will be used not only to support NeuroBlate System® commercialization, but the company’s clinical trial initiatives as well,” added Chairman Greg Barrett. “Two studies evaluating the use of the NeuroBlate System within current standards of care in the treatment of brain tumors are underway. We are optimistic that results will show that NeuroBlate offers a confirmed addition to the treatment algorithm in this deadly disease.”
About Monteris Medical
Formed in 1999, Monteris Medical is a privately held medical device company developing innovative MRI guided, laser-based therapy for brain lesions. Monteris Medical markets the NeuroBlate System®, a neurosurgical ablation device providing controlled therapy for difficult-to-treat brain tumors. Monteris also offers the AXiiiS® Stereotactic Miniframe, a single use platform for image-guided, stereotactic brain biopsy, and the AtamA® Stabilization System for MRI-guided neurosurgical procedures that require rigid head fixation.