Laser neurosurgery tool developer secures $30M in equity financing
Monteris Medical (Plymouth, MN), which develops minimally invasive laser neurosurgery systems for the ablation of pathologic brain lesions such as primary and metastatic tumors, has secured equity financing totaling approximately $30 million.
Related: Laser neurosurgery tool receives Health Canada license as Class 4 medical device
Led by new investor Birchview Capital (Burlington, VT), the financing will support an expansion of both commercial and clinical programs for the Monteris NeuroBlate robotic neurosurgical system. Also participating in the Series B preferred financing were The Vertical Group (Basking Ridge, NJ; a new investor) and the BDC Capital Healthcare Fund (Montreal, QC, Canada; a current investor).
John Schellhorn, Monteris' president and CEO, says that the investment will allow the company to expand its current customer base of approximately 25 neurosurgery centers.
The Series B financing includes two tranches of preferred equity, the first of which closed on November 6, 2014, and the second of which will close on/or before March 31, 2015. The two tranches will total slightly under $30 million. In addition to the Series B preferred stock, the company has issued warrants to the Series B investor group that, if exercised, would generate additional capital for the company in the amount of approximately $10.6 million. In conjunction with this financing, Matthew Strobeck, Ph.D., partner at Birchview Capital, and Richard Emmitt, general partner of The Vertical Group, will join the Monteris Board of Directors.
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