Monteris Medical said yesterday that it raised a Series C round worth nearly $27 million it plans to use on R&D, clinical trials and expanding the commercial footprint of its NeuroBlate brain surgery device.
Versant Ventures and SightLine Partners led the round, joined by prior backers Birchview Capital and BDC Capital’s Healthcare Venture Fund, Monteris said.
The MRI-guided NeuroBlate device is designed to ablate, necrotize or coagulate soft tissue during neurosurgery procedures using laser thermotherapy.
“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,” president & CEO Martin Emerson said in prepared remarks.
“We are thrilled to be adding 2 high-quality and successful medical technology investment firms like Versant Ventures and SightLine Partners to our investor base,” added CFO Jim Erickson. “These 2 firms bring a track record of adding real value to their portfolio companies.”
Plymouth, Minn.-based Monteris last November raised nearly $7 million in a debt-and-options round for the NeuroBlate device, which being run through investigational device exemption trials for treating newly diagnosed glioblastoma multiforme and refractory epilepsy.