Monteris Medical Announces Combined Equity and Debt Financing of $73 Million

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InnovaHealth Partners Leads Funding with Birchview Capital and Madryn Asset Management, LP, to Accelerate Commercial, Clinical, and Product Development Priorities

MINNETONKA, Minn., October 27, 2022 /PRNewswire/ — Monteris Medicala private medical technology company dedicated to becoming the technology leader in minimally invasive brain surgery, announced that it had been awarded $73 million in financing, including $35 million into new Series D shares and a $38 million debt facility. The equity financing was led by new investor, InnovaHealth Partners, and was backed by existing lead investor, Birchview Capital. The credit facility, provided by Madryn Asset Management, LP, extended $28 million at closing, with the possibility of drawing a supplement $10 million upon reaching certain milestones. The proceeds will be used to support important market adoption, clinical research and technology programs and will allow the company to refinance its current obligation.

“Patients with brain tumors and drug-resistant epilepsy and their doctors are looking for less invasive options when making treatment decisions,” said Martin J. Emerson, President and CEO of Monteris Medical. “NeuroBlate has been proven to provide a less invasive option for patients considering open brain surgery and is also a valuable minimally invasive tool for treating surgical areas of the brain that are not accessible with more invasive traditional methods. The Monteris Medical team is pleased to add InnovaHealth and Madryn as funding partners, allowing us to expand our efforts to bring the value of NeuroBlate technology to more of the physicians and patients we collectively serve.”

Proceeds from this funding will be used to continue to support the rapid adoption of Monteris Medical’s NeuroBlate® System, an MRI-guided laser ablation system that provides a minimally invasive surgical alternative to open craniotomies. The NeuroBlate system is currently installed in more than 100 hospitals in United States and Canada and is actively used in minimally invasive treatment approaches for patients with drug-resistant epilepsy, primary and metastatic brain tumors, and radiation necrosis. These proceeds will also be used to continue ongoing clinical research, including exciting work in adjuvant immunotherapies and technology advancement projects for the NeuroBlate System.

“Monteris Medical’s NeuroBlate technology and the company’s growing depth of clinical evidence are transforming the way doctors and their patients think about brain surgery. We are proud to support the expansion of this important technology,” said Mortimer “Tim” Berkowitz III, President and CEO of InnovaHealth. executive officer.

About Monteris and the NeuroBlate System

Monteris Medical is a private company that develops and markets innovative MRI-guided ablation systems to perform minimally invasive, robot-controlled brain surgery, commonly referred to as laser ablation, LITT (Laser Interstitial Thermal Therapy) or SLA (Stereotactic Laser Ablation). ). The Monteris NeuroBlate System is the only minimally invasive system that allows a robotic interface for the precise and safe delivery of laser energy. The Monteris Medical NeuroBlate System is a neurosurgical tool intended for the ablation of intracranial soft tissue, including brain structures such as brain tumors, radiation necrosis, and epileptic foci (as identified by noninvasive and invasive neurodiagnostic testing , including imaging). For more information, visit monteris.com.

About InnovaSanté’s partners

Situated at New York, InnovaHealth Partners, LP is a leading private equity firm providing growth capital to the medical technology industry. The firm focuses on a diversified portfolio of top investment positions and works closely with each management team. InnovaHealth Partners is led by five directors who collectively have more than 100 years of medical device investing experience. The team has worked together for over 15 years and has $900 million of committed capital under management between its funds and its co-investments. For more information, please visit www.innovahealthpartners.com.

About Madryn Asset Management, LP

Madryn Asset Management, LP is a leading alternative asset management firm that invests in growth-stage healthcare companies offering innovative products, technologies and services. Situated at New York, the firm draws on the extensive and diverse backgrounds of its team, spanning the investment management, capital markets and healthcare industries. Madryn seeks to generate original ideas through independent research and structures debt and equity investments tailored to support the long-term value creation of its portfolio companies and strong risk-adjusted and absolute returns. For more information, please visit www.madrynlp.com.

Media Contact:
Monteris Medical Corp.
Jim Erickson
Financial director
[email protected]
763-762-2705

SOURCE Monteris Medical


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