Monteris Medical Lands $6.8 Million in New Financing

Medtech company tapped new CEO in July.

Plymouth-based Monteris Medical US Inc. raised $6.8 million in new financing through a combination of debt and options according to a Monday filing with the U.S. Securities and Exchange Commission. The filing indicates that Monteris ultimately hopes to raise $10 million.
 
The company’s NeuroBlate System gives surgeons a tool to tactically remove brain lesions and tumors with robotic laser technology. Monteris secured clearance for NeuroBlate from the U.S. Food and Drug Administration in 2013. The company previously announced in November 2014 that it had secured approximately $30 million in equity financing.
 
The Monteris board appointed Martin Emerson as its new president and CEO in mid-July. Emerson did not return a phone call seeking comment on the company’s new financing.
 
Emerson has more than 25 years of experience in the medical device industry. Before joining Monteris, Emerson was president and CEO of Arden Hills-based Galil Medical. In May, it was announced that Galil, which developed cryotherapy treatment for cancers, was being acquired by a London-based medical company for $84.5 million.
 
Monteris was founded in Canada in 1999 and opened its office in Plymouth in 2012. The company retains a presence north of the border with an office in Winnipeg, Manitoba. In March the company announced its relocation to larger offices in Plymouth, a move driven by recent growth.
 
According to the company’s web site, Monteris currently has 75 employees.