NeuWave Medical will use $14 million in Series B financing to fuel commercial expansion of its tissue ablation device. Funds will also help propel ongoing development of the surgical tools in the company's pipeline, NeuWave said.
NeuWave, a startup spun off from the University of Wisconsin-Madison, drew financing from a variety of sources. H.I.G. BioVentures led the round, which included previous investors Venture Investors, WARF and the State of Wisconsin Investment Board. H.I.G.'s participation means that managing director Michael Wasserman now becomes part of NeuWave's board of directors, a change that CEO Laura King said will help grow the company more quickly.
NeuWave's lead product is the Certus 140 microwave ablation system, which gained FDA clearance in 2010 to ablate soft tissue. The company touts a healthy initial market penetration, noting that surgical oncologists and interventional radiologists have used it to treat 1,500 patients so far at 90 different healthcare facilities.
The company's leadership team is worth watching. Three of NeuWave's executives gained lots of their experience at General Electric ($GE), including King, who ran various divisions at the company such as GE Mammography.
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