Monteris Medical has successfully closed a $28 million Series E equity financing round to support the continued advancement of its robotic minimally invasive neurosurgery technology. The Minnetonka, Minnesota-based company also announced that it has refinanced its existing debt and established a new $35 million credit facility with Trinity Capital. The combined funding will enable Monteris to expand its commercial presence and accelerate research and development initiatives for its NeuroBlate system.
According to the company, the equity capital will specifically support research and development efforts along with other growth initiatives. Meanwhile, the credit facility will back expansion of the company’s U.S. commercial footprint and fuel additional strategic growth programs.
Monteris Medical NeuroBlate System Technology
Monteris commercialized its NeuroBlate system in 2013, and the technology has since been used in more than 9,000 clinical cases across nearly 130 health systems throughout North America. The system delivers MRI-guided laser ablation for laser interstitial thermal therapy, commonly known as LITT, which represents a minimally invasive treatment option for complex neurological diseases.
The robotically-controlled NeuroBlate system utilizes laser energy to destroy abnormal brain tissue through a small hole in the skull. This approach treats conditions including primary and metastatic brain tumors, radiation necrosis, and epileptogenic foci. According to Monteris, the NeuroBlate system is the only FDA-approved LITT system featuring a robotic platform.
LITT technology offers patients an alternative to traditional open-skull craniotomy procedures for abnormal brain tissue ablation. This minimally invasive approach can potentially reduce recovery times and complications associated with more invasive surgical techniques.
Investor Participation and Strategic Partnerships
The Series E financing round included participation from Monteris Medical’s current lead investors, InnovaHealth Partners and Birchview Capital. Additionally, several new investors joined the round, including OSF Ventures, the investment arm of Peoria, Illinois-based OSF HealthCare, and the Colorado University Healthcare Innovation Fund.
Notably, the healthcare system venture funds participating in the round are affiliated with institutions that already offer NeuroBlate technology to their patients. Madryn Asset Management, the company’s previous credit facility partner, also participated as a major investor in the equity round.
Mayank Taneja, VP of Venture Investments at OSF Ventures, stated in a news release that the organization seeks to invest in companies bringing meaningful innovation to clinicians and patients. He noted that OSF clinicians have firsthand experience using Monteris’ technology in practice, and their vision of improving patient lives aligns with Monteris’ mission to deliver hope and healing.
Growing Clinical Demand for Minimally Invasive Neurosurgery
The investment comes as Monteris continues building momentum in the minimally invasive neurosurgery market. Richard Emmitt, Monteris’ board chair, indicated that the company is becoming the preferred partner for neurosurgeons seeking minimally invasive options for patients with brain tumors and drug-resistant epilepsy. He emphasized that support from both new and existing investors reflects strong confidence in the NeuroBlate technology and growing clinical demand.
Furthermore, Monteris recently achieved a significant reimbursement milestone by securing LITT coverage for more than 9 million military members, veterans, and their families enrolled in Tricare. This coverage expansion enhances access to the minimally invasive neurosurgery technology for a substantial patient population.
As part of the financing round, Mayank Taneja and Alex Marcantonio, managing director of Madryn Asset Management, have been added to Monteris Medical’s board of directors. The company has not disclosed specific timelines for its planned commercial expansion or research and development initiatives funded by the new capital.
