Medical device company NeuWave Medical has raised USD14m in Series B financing, led by new investor HIG BioVentures with participation from existing shareholders, including Venture Investors, WARF and the State of Wisconsin Investment Board.
The financing will be used to further the commercial success of the company’s Certus 140 thermal ablation system and to continue the company’s development of novel interventional and surgical tools.
Concurrent with the financing, H.I.G. BioVentures managing director Michael Wasserman will join the NeuWave board of directors.
During the initial 18 months of commercial availability, the Certus 140 microwave ablation system has been used by surgical oncologists and interventional radiologists to treat over 1500 patients at 90 healthcare institutions.
NeuWave president and chief executive Laura G. King says: “We look forward to adding H.I.G. BioVentures to our strong investor base. H.I.G. brings unique insight and resources to our business and will accelerate our mission to provide innovative technology that enables physicians to provide improved patient care while delivering positive healthcare economics to hospitals and healthcare systems.”
“We are excited to collaborate with NeuWave to advance the commercialisation and development of these cutting edge medical devices,” says Wasserman. “The company provides leading physicians and healthcare centres with novel tools that are characterised by highly attractive and differentiated feature sets. This financing will allow the company to continue its rapid growth and important contributions to healthcare.”
