05.29.15
Madison, Wis.-based NeuWave Medical Inc., a medical device company focused on developing disruptive technology for use in the ablation of soft-tissue lesions, has completed its series C financing, led by Versant Ventures. The financing round was oversubscribed with all existing investors participating, including H.I.G. BioVentures, Venture Investors and others. The capital raised will be used to expand commercialization efforts and to develop new products. The company raised a total of $25 million.
“NeuWave Medical’s Intelligent Ablation System is a proven technology for the ablation of soft-tissue lesions, including primary and metastatic lesions in the lung, liver and kidney which combined represent more than 11.6 million new patients each year,” said CEO of NeuWave Medical Dan Sullivan. “With this round of financing, we are well positioned to accelerate our commercial and R&D expansion plans to advance our mission of offering cost-effective and clinically efficacious alternatives for millions of patients worldwide.”
The NeuWave Medical intelligent ablation system is used to ablate a variety of benign and malignant soft-tissue lesions and is currently on the market in the United States. The microwave ablation platform works by delivering focused heat to eliminate, or ablate, lesions in the body. One or more antennas, often called probes, are placed directly into the lesion and then emit microwave energy from the tip rapidly oscillating water molecules within the lesion. This oscillation causes friction and what is meant to be enough heat to destroy the lesion. NeuWave Medical’s probe portfolio offers a range of options so the physician can tailor the treatment to the patient, maximizing energy delivery and ablating the lesion, while helping to protect non-targeted tissue in the body.
“The NeuWave intelligent ablation system has the potential to advance the treatment of multiple soft-tissue lesion types and improve the quality of life for millions of patients while reducing the cost of care,” said Kirk Nielsen, managing director at Versant Ventures, who joined the company’s board of directors in connection with the financing. “We are excited about the potential of this platform technology and look forward to working with NeuWave’s experienced team to build a very successful company.”
“NeuWave Medical’s Intelligent Ablation System is a proven technology for the ablation of soft-tissue lesions, including primary and metastatic lesions in the lung, liver and kidney which combined represent more than 11.6 million new patients each year,” said CEO of NeuWave Medical Dan Sullivan. “With this round of financing, we are well positioned to accelerate our commercial and R&D expansion plans to advance our mission of offering cost-effective and clinically efficacious alternatives for millions of patients worldwide.”
The NeuWave Medical intelligent ablation system is used to ablate a variety of benign and malignant soft-tissue lesions and is currently on the market in the United States. The microwave ablation platform works by delivering focused heat to eliminate, or ablate, lesions in the body. One or more antennas, often called probes, are placed directly into the lesion and then emit microwave energy from the tip rapidly oscillating water molecules within the lesion. This oscillation causes friction and what is meant to be enough heat to destroy the lesion. NeuWave Medical’s probe portfolio offers a range of options so the physician can tailor the treatment to the patient, maximizing energy delivery and ablating the lesion, while helping to protect non-targeted tissue in the body.
“The NeuWave intelligent ablation system has the potential to advance the treatment of multiple soft-tissue lesion types and improve the quality of life for millions of patients while reducing the cost of care,” said Kirk Nielsen, managing director at Versant Ventures, who joined the company’s board of directors in connection with the financing. “We are excited about the potential of this platform technology and look forward to working with NeuWave’s experienced team to build a very successful company.”