UPDATED May 28, 2015, with details on investors, comment from management.
NeuWave Medical – developer of a microwave ablation tumor removal tool – pulled in more than $25.3 million in a Series C round led by Versant Ventures.
Madison, Wis.-based NeuWave said all of its existing backers also joined the over-subscribed round, including H.I.G. BioVentures, Venture Investors and others.
NeuWave calls its main product, the Certus 140, an "intelligent ablation system." It’s designed to deliver focused microwave ablation to destroy soft-tissue tumors in the lung, liver and kidney, the company said.
Proceeds from the Series C round are earmarked for expanding NeuWave’s commercial footprint and developing the next generation in its pipeline, according to a press release.
Versant managing director Kirk Nielsen joined NeuWave’s board as part of the round, the company said.
"The NeuWave intelligent ablation system has the potential to advance the treatment of multiple soft-tissue lesion types and improve the quality of life for millions of patients while reducing the cost of care," Nielsen said in prepared remarks. "We are excited about the potential of this platform technology and look forward to working with NeuWave’s experienced team to build a very successful company."
"NeuWave Medical’s Intelligent Ablation System is a proven technology for the ablation of soft-tissue lesions, including primary and metastatic lesions in the lung, liver and kidney which combined represent more than 11.6 million new patients each year," added president & CEO Dan Sullivan. "With this round of financing, we are well positioned to accelerate our commercial and R&D expansion plans to advance our mission of offering cost-effective and clinically efficacious alternatives for millions of patients worldwide."
Sullivan’s had a hand in several medtech startups, including Vascular Science, which was sold to St. Jude Medical (NYSE:STJ), and Atritech, which Boston Scientific (NYSE:BSX) subsequently snatched up in a $375 million deal.
Co-founder Fred Lee Jr. is a professor of radiology at University of Wisconsin-Madison.