Canada's Monteris Medical has hauled in $13 million in financing, cash that'll support the North American rollout of its NeuroBlate device.
The financing comes in the form of $8.3 million in equity from BDC Venture Capital, SWMF Life Science Fund and others, supplemented by $5 million in debt provided by Oxford Finance. The latest round pushes Monteris' two-year haul over $30 million, the company said, bankrolling the commercialization of NeuroBlate, an FDA-cleared device that uses MRI-guided laser energy to burn away otherwise inoperable brain tissues.
The technology, designed to treat brain tumors and other lesions, has been well-received so far, CEO John Schellhorn said, and Monteris plans to use some of its newfound funds to support postmarket trials, amassing data to convince more and more hospitals to adopt its technology.
"The NeuroBlate system is meeting clinical expectations, and our sales pipeline is growing rapidly while our surgeon customers increase their utilization of the system," Schellhorn said in a statement. "Monteris is quickly entering a new phase as we transition from our limited launch to full-scale commercialization."
NeuroBlate uses a gas-cooled, fiber-optic probe to deliver laser energy into the brain, pairing the technology with MR imaging to allow surgeons to selectively ablate neural tissues. The device picked up FDA clearance and Health Canada approval in April.
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