Monteris Medical Inc., a privately held medical device company dedicated to the development of innovative MRI guided, laser-based cancer treatments announced today it has secured $9 million in financing to support the continued commercialization of the company's NeuroBlate(TM) System, formerly AutoLITT(R), within the North American neurosurgery market.
Business Development Bank of Canada (BDC) led the round. Other investors included the SWMF Life Science Fund, a group assembled by Richardson GMP and a number of independent parties.
John E. Schellhorn, President & Chief Executive Officer of Monteris remarks, "We are extremely grateful for the funding and support we have received from BDC, SWMF Life Science Fund, and Richardson GMP. "The timing is right for Monteris to complete development of our new technology platforms, to continue expansion throughout the U.S. Schellhorn concluded, "Our NeuroBlate(TM) System offers neurosurgeons another controlled therapy for difficult-to-treat brain tumors. We are committed to helping them offer critically ill patients hope in the form of MRI guided neurosurgical ablation."
"Monteris Medical is clearly representative of the dynamic, leading-edge technology companies in which BDC invests. We are pleased to have led this round of financing," states Gary Bantle, Partner, Health Venture Fund. "This venture capital investment represents our continued commitment to the Manitoba market and is evidence that good quality opportunities for growth in this sector are still available,"
"The SWMF Life Science Fund has been involved with Monteris since 2008," added Managing Director, Pat Morand. "SWMF was created to support very early stage companies on their path towards commercialization, "It is very satisfying to see how an early stage company can progress when given the resources to do so."
About Monteris Medical
Formed in 1999, Monteris Medical is a privately held medical device company dedicated to the development of innovative MRI guided, laser-based cancer treatments. Monteris Medical markets the NeuroBlate(TM) System, a neurosurgical ablation system providing controlled therapy for difficult-to-treat brain tumors. Monteris also offers the AXiiiS(R) Stereotactic Miniframe; a single use platform for image-guided, stereotactic brain biopsy; and the AtamA(TM) Stabilization System for MRI-guided neurosurgical procedures that require rigid head fixation.
Canada's business development bank, BDC puts entrepreneurs first. With almost 1,900 employees and more than 100 business centres across the country, BDC offers financing, venture capital and consulting services to 29,000 small and medium sized companies. Their success is vital to Canada's economic prosperity.
About SWMF Life Science Fund
The Southwest Michigan First Life Science Fund is a limited partnership venture fund interested in early stage life science opportunities that have demonstrably viable technologies. The $65 million fund invests primarily in early stage life science companies with a presence or committed to establishing a presence in southwestern Michigan.
Canada's largest independent wealth management firm with 15 offices across Canada, Richardson GMP Limited provides exclusive and innovative investment solutions to successful families and entrepreneurs. Richardson GMP has earned top overall ranking in the 2010, 2011 and 2012 Investment Executive Brokerage Report Card for products and services dedicated to high net worth investors.
SOURCE: Monteris Medical Inc.