Monteris Medical Inc., a Winnipeg, Manitoba and Kalamazo, Michigan-based medical device company developing innovative MRI guided, laser-based therapy for brain lesions, closed a $13.3m financing.
It included an $8.3m preferred share component, led by BDC Venture Capital with participation from the SWMF Life Science Fund and other unamed independent investors, and $5m term debt, provided by Oxford Finance LLC.
The company intends to use the funds to commercialize the NeuroBlate System® in the North American neurosurgery market.
Formed in 1999 and led by John Schellhorn, President and Chief Executive Officer, Monteris markets the NeuroBlate System®, a neurosurgical ablation device providing controlled therapy for brain tumors. The company also offers the AXiiiS® Stereotactic Miniframe, a single use platform for image-guided, stereotactic brain biopsy, and the AtamA® Stabilization System for MRI-guided neurosurgical procedures that require rigid head fixation.