Monteris Medical Raises $26.6 Million in Series C Financing to Further the Growth of the NeuroBlate® System
Funding will support continued investments in commercial growth and the innovation pipeline
PLYMOUTH, Minn. – June 1, 2017 – Monteris Medical today announced the recent completion of a Series C financing, raising $26.6 million in new equity. Monteris Medical is a privately held leader in the market for minimally invasive, MRI-guided laser ablation systems for treating brain lesions. Monteris currently markets the NeuroBlate System in the United States and Canada as a surgical tool that provides neurosurgeons an alternative to traditional craniotomies. The Series C financing was led by Versant Ventures and SightLine Partners, with strong participation from current investors Birchview Capital and BDC Capital’s Healthcare Venture Fund.
Martin J. Emerson, Monteris President & CEO commented, “We were very pleased with the level of interest we received through our fund raising process. The success of this financing is a strong indication of the long-term value proposition that our current investors, as well as the new investors we were fortunate enough to attract, all see in the Monteris opportunity.” The financing will fund significant investments in R&D, clinical research, and commercial expansion.
“We are thrilled to be adding two high quality and successful medical technology investment firms like Versant Ventures and SightLine Partners to our investor base,” stated Jim Erickson, Monteris CFO. “These two firms bring a track record of adding real value to their portfolio companies,” Erickson added.
About Monteris and the NeuroBlate System
Monteris Medical is a privately held company that develops and markets innovative MRI-guided, laser-based systems for the ablation of brain lesions. The Monteris NeuroBlate System, including the Mini-Bolt, is the only minimally invasive cranial access system that enables a robotic interface for the precise and safe delivery of laser energy. Since receiving FDA clearance in 2013, NeuroBlate has been used in more than 1200 patient procedures across more than 50 installed systems in the U.S. and Canada. The NeuroBlate System is a tool (as opposed to a “treatment”) and is not intended to treat any specific disease. Physicians should use their clinical judgment and experience when deciding whether to use NeuroBlate.
For more information about Monteris and full prescribing information for the NeuroBlate System, please visit www.monteris.com.
About Versant Ventures
Versant Ventures is a leading global healthcare investment firm committed to helping exceptional entrepreneurs build the next generation of great healthcare companies. The firm invests across the healthcare sector and at all stages of company development, with an emphasis on the discovery and development of novel therapeutics. With $2.3 billion under management and offices in North America and Europe, Versant has built a team with deep investment, operating, and scientific expertise that enables a handson approach to company building. Since the firm’s founding in 1999, more than 65 Versant companies have achieved successful acquisitions or IPOs. For more information, please visit www.versantventures.com.
About SightLine Partners
SightLine Partners is an alternative investment manager which provides custom equity financing for differentiated, growth-stage healthcare companies. Through custom financing solutions and active involvement, SightLine helps propel these companies to the exit and realize consistent performance for its investors. The SightLine team is comprised of healthcare veterans with decades of collective experience in operations, finance, private equity, venture capital and investment banking. They have served as buyers, sellers, board members and advisors to healthcare innovators in more than 200 successful deals.
About Birchview Capital
Birchview Capital is an SEC registered Investment Adviser based in Burlington, Vermont. Birchview is focused on investing in companies working in the Biosciences. Birchview’s goal is to try and invest in underappreciated growth opportunities and where appropriate get involved in the development of the company.
About BDC Capital
With more than $2 billion under management, BDC Capital is the investment arm of BDC, serving as a strategic partner to Canada’s most innovative and high-potential firms. It offers a range of equity, venture capital and flexible growth and transition capital solutions to help Canadian entrepreneurs scale their businesses into global champions. To find out more, visit www.bdc.ca/capital.
Monteris Medical, Inc.
Chief Financial Officer