Monteris Medical Inc., which makes laser technology that fights brain tumors, announced Thursday that it has raised $73 million.
The Minnetonka-based company said it secured $35 million in Series D equity financing and $38 million in debt. The equity portion was led by a new investor, New York City-based investment firm InnovaHealth Partners, with support from an existing lead investor, Birchview Capital, a venture capital firm that focuses on Ontario, Canada-based businesses.
The debt financing, provided by New York City-based lender Madryn Asset Management, LP, provided $28 million at closing, with an additional $10 million available once certain milestones are reached, the company said.
There were additional investors, Jim Erickson, chief financial officer for Monteris, said in an interview, though he did not name the others.
The new financing will be used to support industry adoption of the company’s central business product, the NeuroBlate System, as well as furthering clinical research and technology development, and allowing the company to refinance debt, the announcement said.
The NeuroBlate System is a neurosurgical tool that uses lasers to remove intracranial soft tissue like a brain tumor. The procedure, which has been approved by the FDA since 2013, is currently used in more than 100 hospitals across the U.S. and Canada, the company says. Erickson declined to disclose revenue figures.
The system is used in the treatment of drug-resistant epilepsy, primary and metastatic brain tumors and radiation necrosis.
“We’re excited about the position of the technology and the company,” Erickson said.
Minne Inno reported last month that Monteris had raised $13.7 million in equity financing, which Erickson confirmed was a part of this fund raise. He declined to disclose how much has been raised by the company to date.
The company has just over 100 employees, a majority of which are based out of the Minnetonka office, Erickson said. Monteris also has an office in Winnipeg, where it was founded in 1999.
