Monteris Medical, a Minnetonka, MN-based neurosurgery company, has raised $28 million in a Series E funding round led by InnovaHealth Partners and Birchview Capital, LP.
The round also saw participation from new investors, including OSF Ventures, OSF HealthCare, and the Colorado University Healthcare Innovation Fund.
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Monteris also announced that it has refinanced its current debt and established a new $35 million credit facility with Trinity Capital.
The company intends to use the funds to expand its U.S. commercial footprint and accelerate other growth initiatives in technology development, clinical research and geographic expansion.
Monteris Medical is a private company specializing in minimally invasive neurosurgery with its NeuroBlate® System for MRI-guided laser interstitial thermal therapy (LITT). Strong operational performance, and a clear path to profitability and positive cash flow allowed the company to retire its previous credit facility with Madryn Asset Management and secure a new $35 million credit facility with Trinity Capital, providing greater financial flexibility and a lower cost of debt.
Mayank Taneja and Alex Marcantonio, managing director at Madryn Asset Management, have joined Monteris’ board of directors.
“OSF Ventures invests in companies and organizations that bring meaningful innovation to clinicians and patients,” said Mayank Taneja, Vice President of Venture Investments at OSF Ventures. “Our clinicians have firsthand experience using Monteris’ technology, and we’re excited to support a company whose evidence-based solutions make a real impact in minimally invasive neurosurgery. Our goal of improving lives also aligns with Monteris’ mission to bring hope and healing to patients, families, and care teams.”
“Monteris Medical has become a leader in minimally invasive neurosurgery, with a technology platform backed by strong clinical evidence that helps advance patient care,” said Rob Lake, Senior Managing Director of Life Sciences at Trinity Capital. “We look forward to supporting Monteris as a long-term financial partner during its next phase of growth.”
“Monteris continues to gain momentum as a trusted partner for neurosurgeons looking for minimally invasive treatments for brain tumours and drug-resistant epilepsy,” said Richard Emmitt, Monteris’ board chair. “Support from both new and existing investors shows strong confidence in the NeuroBlate technology, the company’s strategy, and the growing demand for this solution.”
About Monteris Medical
Founded in 1999 by Richard Tyc, Monteris Medical develops MR-guided laser ablation systems for minimally invasive, robotically assisted brain surgery. Its NeuroBlate System, used in nearly 130 health systems across North America, treats adults and children aged two and older by using laser technology to precisely destroy abnormal brain tissue, including certain brain tumours and areas that cause epilepsy-related seizures. NeuroBlate is the only LITT platform with a robotic interface for precise and safe laser delivery and is supported by published clinical data. Studies show patients typically have shorter hospital stays, low complication rates, improved quality of life, and outcomes comparable to traditional open brain surgery.
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