Monteris Medical, a healthcare products company based in Plymouth, Minnesota, announced that it had successfully raised $7.8 million in its latest funding round. According to a press release by the company, funds from this financing round will be used for marketing and commercialization of its NeuroBlate device, a tool for neurosurgical ablation.
The latest round of financing was managed by the Business Development Bank of Canada. Other investors in the round included SWMF Life Science Fund and several other undisclosed investors. An earlier financing round by the company in May of 2012 yielded $9 million.
Kevin McGarry is a chairman at Monteris Medical. In prepared remarks, he said, "The monies raised in this round will be used to accelerate the company’s commercialization of the 3rd-generation NeuroBlate system." He continued, "Our customer pipeline continues to grow as physicians confirm the NeuroBlate system is able to provide new options for brain tumor patients."
In 2012, the company raised a total of $16 million. Before 2012, a financing round in 2010 yielded $3.4 million for Monteris. Funds from the 2010 round were used to develop marketing initiatives for its AutoLITT neurosurgical laser. The company’s FDA-approved laser technology provides light-induced thermal therapy, MRI heat monitoring and minimally-invasive surgical procedures for brain tumor ablation.