NeuWave Medical Raises $14 Million in Series B Financing

Shannon Beeman
March 28, 2013

Madison, Wisconsin-based NeuWave Medical develops and commercializes energy-based minimally invasive medical devices. The company, comprised of engineers and physician-scientists, uses a microwave ablation system to deliver the most effective treatment solutions for a variety of diseases. “The devices NeuWave makes treat local liver, lung and bone cancers,” said President and CEO Laura King. NeuWave also supports research collaborations with leading clinicians throughout the world.

King came to present at the Michigan Growth Capital Symposium for the company’s series B round of funding. “I think the benefit of presenting at the symposium is that you get to speak to a larger audience that you might not otherwise have,” a benefit many out-of-state startup ventures see when attending the event. “It’s really important to network with a larger audience and it’s a great fundraising climate.”

In September 2012, NeuWave announced it had raised $14 million in Series B financing from new investor H.I.G BioVentures, existing shareholders, venture investors and the State of Wisconsin Investment Board. Over 1500 patients at ninety healthcare institutions were treated with NeuWave’s Certus 140 microwave ablation system during the first eighteen months of its commercial availability. In 2010, The Medical Device and Diagnostic Industry Magazine selected NeuWave Medical as one of the top 50 companies in the medical device and diagnostic industry.

King noted the importance of the networking opportunities provided by the MGCS. “You have the opportunity to speak with parent CEOs and connect with universities and state programs, all ways you can maximize opportunities for your shareholders,” she said.