Monteris Medical said a pair of new backers joined a $30 million Series B round it plans to use to expand the commercial footprint of its NeuroBlate robotic brain tumor laser.
Plymouth, Minn.-based Monteris said the round was led by new investor Birchview Capital and included another new party, The Vertical Group, and existing backer BDC Capital Healthcare Fund.
"We believe that an investment of this caliber validates both the clinical and commercial potential of the Monteris NeuroBlate system. This investment will provide Monteris with the resources needed to rapidly expand our current customer base of approximately 25 leading neurosurgery centers, while also continuing to support the clinical programs that are necessary to provide further evidence of the NeuroBlate system’s value to our neurosurgical customers and their patients," president & CEO John Schellhorn said in prepared remarks.
Monteris in April 2013 won 510(k) clearance from the FDA and a nod from Health Canada for the minimally invasive NeuroBlate device, which allows physicians to use an MRI-guided laser system to heat and kill brain tumors.
Monteris said the Series B round includes 2 tranches. The 1st closed Nov. 6 and the 2nd is slated to close on or before March 31, 2015, according to a press release. The offering also includes warrants options worth another $10.6 million, Monteris said. Birchview Capital’s Matthew Strobeck and Vertical Group’s Richard Emmitt are to be added to the company’s board as part of the deal, the company said.