Monteris Medical closed a $7.8 million funding round it plans to use to commercialize its NeuroBlate neurosurgical ablation device for treating brain tumors.
The round, led by Business Development Bank of Canada, also included the SWMF Life Science Fund and several independent parties. Monteris drummed up $9 million last May, according to a press release.
"The monies raised in this round will be used to accelerate the company’s commercialization of the 3rd-generation NeuroBlate system," chairman Kevin McGarry said in prepared remarks. "Our customer pipeline continues to grow as physicians confirm the NeuroBlate system is able to provide new options for brain tumor patients."
Monteris Medical raised nearly $16 million in 2012. The company said it will use the $ 7.8 million to commercialize NeuroBlate in North America, according to the release.
The company in 2010 drummed up $3.4 million in an equity offering to fuel the sales operation for the NeuroBlate device, formerly called the AutoLITT neurosurgical laser. That device won 510(k) clearance from the FDA for neurosurgery in 2009. The system combines laser-induced thermal therapy, real-time MRI heat monitoring and minimally invasive MRI-guided surgical procedures, reducing brain tumors to paste.