NeuWave rides $25m series C

Wisconsin University spin-out NeuWave has raised $25m in series C backing to develop its medical device focused on the ablation of soft-tissue lesions.

The round, led by Versant Ventures, was backed by all of NeuWave’s existing investors, which include H.I.G. Bioventures, Venture Investors, and the State of Wisconsin Investment Board. The US-based firm has now raised $57.4m in external fundraising, which includes a $14m series B in 2012 and a $4.5m series A in 2008.

Founded in 2004, NeuWave’s medical intelligent ablation system is already in use of over half of the US’s cancer institutions to treat benign and malignant soft-tissue lesions. The device works by using a probe which effectively microwaves water molecules within the lesion, with the subsequent oscillation causing enough heat and friction to destroy the lesion.

Dan Sullivan, CEO of NeuWave Medical, said: “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. 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.”

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