Monteris® Medical Inc. (Monteris) announced today it has closed a $7.8 million financing round to support continued commercialization of the NeuroBlate System® in the North American neurosurgery market. Business Development Bank of Canada (BDC) led the round. Other investors included the SWMF Life Science Fund, and several independent parties. The total capital raised in 2012 approached $16 Million.
“I consider the support shown by our investors to be a vote of confidence and evidence that we met milestones set during our previous financing,” says John Schellhorn, President and CEO of Monteris. “We are proud of our team. They are working extremely hard to deliver a new version of the NeuroBlate System® to our customers. The objectives of the new version, which is currently being reviewed by FDA, are to reduce treatment times, provide better planning tools, be easier to use and serve as a platform for ongoing development.” “The monies raised in this round will be used to accelerate the company’s commercialization of the third generation NeuroBlate System,” added Monteris Chairman Kevin McGarry. “Our customer pipeline continues to grow as physicians confirm the NeuroBlate System is able to provide new options for brain tumor patients.”
“Monteris Medical remains an exciting opportunity for BDC.” states Gary Bantle, Partner, BDC Health Venture Fund. “Monteris has all of the key ingredients in place to be successful: a technology that works, a strong management team, regulatory clearance of key products and reimbursement for hospitals. We are pleased to support the company’s ongoing commercialization efforts.”