Minnetonka-based brain surgery company Monteris Medical Inc. raised $13.7 million in a recent funding round, according to a securities filing.
The company, which makes laser technology to destroy tumors, secured the financing in exchange for equity, the filings says. There were three investors, with the first date of sale Sept. 2.
Monteris did not respond to requests for comment.
The company’s central business is its NeuroBlate System, which is a neurosurgical tool that uses lasers to remove intracranial soft tissue like a brain tumor. The procedure has been approved by the FDA since 2013, according to a report by the Business Journal.
Earlier this month, the company announced that a randomized controlled study using the NeuroBlate System is underway with a first patient being enrolled. The study is designed to examine the use of such laser technology to intervene on progressive brain metastases, a press release said.
Monteris has undergone several sizable fundraising rounds over the past couple of years, including $9 million in 2020 and $10.7 million in 2019.
The company was founded in Winnipeg in 1999 and has offices there and Minnesota, according to its LinkedIn page.
Monteris opened a headquarters building in Plymouth in 2016, expanding its business in the Twin Cities. The company has since moved its corporate headquarters to 131 Cheshire Lane in Minnetonka.
