Time BioVentures, Human Immunology Biosciences, Monteris Medical
Monteris Medical Raises $73M in Equity and Debt Financing
Monteris Medical, a Minnetonka, MN-based private medical technology company, raised $73m in financing including $35m in new Series D equity and a $38m debt facility.
The Series D round was led by InnovaHealth Partners, with participation from Birchview Capital. The debt facility, led by Madryn Asset Management, extended $28m at closing, with the option to draw an additional $10m upon the achievement of certain milestones.
The company intends to use the funds to support market adoption, clinical research and technology programs and refinance its current obligation.
Led by Martin J. Emerson, president and chief executive officer, Monteris Medical develops and markets MR-guided ablation systems to perform minimally invasive, robotically controlled brain surgery, commonly referred to as laser ablation, LITT (Laser Interstitial Thermal Therapy) or SLA (Stereotactic Laser Ablation). The Monteris NeuroBlate System is an MR-guided laser ablation system that allows for a minimally invasive surgical alternative to open craniotomies. The system is currently installed in more than 100 hospitals in the United States and Canada and is actively used in minimally invasive treatment approaches for patients with drug-resistant epilepsy, primary and metastatic brain tumors, and radiation necrosis.
Monteris Medical Raises $73M in Equity and Debt Financing
Monteris Medical, a Minnetonka, MN-based private medical technology company, raised $73M in financing including $35M in new Series D equity and a $38M debt facility
Time BioVentures Launches Biotech Fund
Time BioVentures, a Los Angeles, CA-based early-stage life sciences venture firm, closed its first Fund, with $100m AUM.
Backed by a roster of biotech and healthcare luminaries, Time BioVentures I, LP, will finance innovations in medicine. Its initial investments include Neuralink, Elon Musk’s brain-computer interface startup, and Kling Biotherapeutics, an Amsterdam-based drug development company.
The firm’s general partners are former rockstar D.A. Wallach and accomplished drug developer Tim Wright, who pioneered multiple blockbuster drugs while at Pfizer and Novartis, where he led Global Pharma Development. Beyond pharma, Wright has served on the boards of numerous private and public biotechs and as an advisor to the Bill & Melinda Gates Foundation. Wallach, a musician discovered by Pharrell Williams, has been investing for over a decade in startups ranging from Spotify to SpaceX, with a specific focus on healthcare innovators including Beam Therapeutics and Devoted Health.
Time BioVentures advisors include Sean Parker, Nobel Prize winner Jim Allison, oncology pioneer Dr. Padmanee Sharma, and former Illumina Chairman and CEO Jay Flatley. Founding LPs in the fund include Chris Sacca, Ron Burkle, and Wildcat Partner Holdings.
