Monteris Medical (Plymouth, Minn.) has raised another $9 million, about four months after it crossed the 3,000 mark of people treated with its NeuroBlate robot-assisted brain surgery device.
The money came from a single investor, according to the Form D that Monteris filed today with the U.S. Securities and Exchange Commission. The company has been seeking a total $30 million in the present offering.
Funds are going toward further commercial expansion, CFO Jim Erickson told MassDevice via email.
Nearly all of the people treated so far with NeuroBlate had epilepsy, gliomas, brain metastases and radiation necrosis.
“Patients appreciate the minimally-invasive nature of NeuroBlate,” Dr. Stephan Schuele, chief of epilepsy and clinical neurophysiology at Northwestern Feinberg School of Medicine in Chicago, said in a May news release from Monteris announcing the 3,000th patient.
“They usually return home with a minimal hospital stay. It’s become an important tool in our kit for helping people with epilepsy and can make a real difference in people’s lives,” Schuele added.
The company in July secured FDA clearance for its NeuroBlate Fusion-S software, which provides better visualization for neurosurgeons to ablate brain tissue, including tumors and epileptic foci.