Monteris Medicala private Minnetonka, MN-based medical technology company raised $73 million in funding, including $35 million in Series D new equity and a $38 million credit facility.
Series D was led by InnovaHealth Partners, with participation from Birchview Capital. The credit facility, led by Madryn Asset Management, was extended by $28 million at closing, with the option to draw an additional $10 million upon the achievement of certain milestones.
The company intends to use the funds to support market adoption, clinical research and technology programs and refinance its current obligation.
Led by Martin J. Emerson, President and CEO, Monteris Medical develops and markets MR-guided ablation systems to perform minimally invasive, robot-controlled brain surgery, commonly referred to as laser ablation, LITT (Laser Interstitial Thermal Therapy) or ALS (stereotaxic laser ablation). The Monteris NeuroBlate System is an MR-guided laser ablation system that provides a minimally invasive surgical alternative to open craniotomies. The system is currently installed in over 100 hospitals in the 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. .