Monteris Medical pulled down $9 million in venture capital investment this month, aimed to support the continued marketing of the company's neurosurgical ablation system, NeuroBlate.
Leading the round were Business Development Bank of Canada and the SWMF Life Science Fund, organized by VC giant Richardson GMP. The Manitoba-based Monteris plans to use the money to keep up the commercialization of NeuroBlate (formerly AutoLITT), which is designed to provide MRI-guided, focused ablation for surgery on difficult to reach brain tumors. Furthermore, the company has other brain-focused devices it aims to expand.
"The timing is right for Monteris to complete development of our new technology platforms, to continue expansion throughout the U.S.," Monteris CEO John Schellhorn said in a statement. NeuroBlate is currently being used in some brain tumor centers in the U.S., and Schellhorn sees an opportunity for expansion in the market.
Turning NeuroBlate into a runaway success has been the CEO's stated goal since he joined the company in April. Schellhorn was previously the chief commercialization officer at Bârrx Medical, which was bought up by Covidien in 2011.
- check out Monteris' release
- see an animation of how NeuroBlate works
- get background on Schellhorn