InnovaHealth Partners leads financing with Birchview Capital and Madryn Asset Management, LP, to accelerate commercial, clinical and product development priorities
MINNETONKA, Minn. – Oct. 27, 2022 – 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.
About Monteris and the NeuroBlate System
Monteris Medical is a privately held company that develops and markets innovative MR-guided ablation systems to perform minimally invasive, robotically controlled brain surgery, commonly referred to as laser ablation, LITT (Laser Interstitial Thermal Therapy) or SLA (Stereotactic Laser Ablation). The Monteris NeuroBlate System is the only minimally invasive system that enables a robotic interface for the precise and safe delivery of laser energy. The Monteris Medical NeuroBlate System is a neurosurgical tool and is intended for ablating intracranial soft tissue, including brain structures such as brain tumors, radiation necrosis, and epileptic foci (as identified by non-invasive and invasive neurodiagnostic testing, including imaging). For more information, visit monteris.com.
About InnovaHealth Partners
Based in New York, InnovaHealth Partners, LP is a leading private equity firm providing growth capital to the medical technology industry. The firm focuses on a diversified portfolio of lead investment positions and collaborates closely with each management team. InnovaHealth Partners is led by five principals who collectively have over 100 years of experience investing in the medical device space. The team has worked together for over 15 years and has $900 million of committed capital under management between its funds and co-investments. For more information, please visit www.innovahealthpartners.com.
About Madryn Asset Management, LP
Madryn Asset Management, LP is a leading alternative asset management firm that invests in growth-stage healthcare companies with innovative products, technologies, and services. Based in New York, the firm draws on the extensive and diverse experiences of its team, spanning the investment management, capital markets and healthcare industries. Madryn seeks to generate original insights via independent research and structures customized debt and equity investments to support the long-term value-creation of its portfolio companies and strong risk-adjusted and absolute returns. For more information, please visit www.madrynlp.com.
Monteris Medical Corp.
Chief Financial Officer