Monteris Medical Secures $28 Million in Growth Equity

Monteris Medica has announced that it has closed $28 million in Series E equity financing. The equity capital will support the company’s technology innovation program and other growth initiatives. Monteris also announced that it has refinanced its current debt and established a new $35 million credit facility with Trinity Capital.

Proceeds from the equity financing will be used to expand the company’s U.S. commercial footprint and accelerate Monteris’ other growth initiatives in technology development, clinical research and geographic expansion.

The equity round included Monteris’ current lead investors, InnovaHealth Partners and Birchview Capital, LP, along with participation from several new investors including OSF Ventures, the investment arm of Peoria, Ill.-based OSF HealthCare, and the Colorado University Healthcare Innovation Fund. Both are healthcare system venture funds affiliated with institutions that offer the Monteris NeuroBlate technology to their patients. The company’s previous credit facility partner, Madryn Asset Management, LP, is also a major participant in the equity round.

“OSF Ventures looks to invest in organizations that bring meaningful innovation to the clinicians and patients we serve,” said Mayank Taneja, vice president, Venture Investments of OSF Ventures. “Our clinicians have firsthand experience using Monteris’ technology in practice, and we’re excited to support a company whose evidence-based solutions make a significant impact in the field of minimally invasive neurosurgery. Moreover, our vision of improving the lives of those we serve aligns with Monteris’ mission to deliver hope and healing to the patients, families and care teams who rely on innovations like this.”

Monteris’ strong operational results, combined with its near-term pathway to profitability and positive cash flow, allowed the company to retire its prior credit facility with Madryn Asset Management and secure a $35 million credit facility with Trinity Capital, resulting in longer-term financial flexibility and an improved cost of debt.

“Monteris Medical has established itself as a category leader in minimally invasive neurosurgery, with a technology platform that is supported by clinical evidence and plays an important role in advancing neurosurgical care,” said Rob Lake, senior managing director of Life Sciences at Trinity Capital. “We look forward to being a long-term financial partner as Monteris enters its next stage of growth.”

Mayank Taneja and Alex Marcantonio, managing director of Madryn Asset Management, have been added to Monteris’ board of directors.

“Monteris continues to build momentum as the preferred partner for neurosurgeons seeking minimally invasive options for patients with brain tumors and drug-resistant epilepsy,” said Richard Emmitt, Monteris’ board chair. “The support from both new and existing investors reflects strong confidence in NeuroBlate technology, Monteris’ strategy and the growing clinical demand for the NeuroBlate solution.”

Source: Monteris Medical

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