NeuWave Medical, a Madison-based start-up company, was featured in the Wisconsin State Journal and the Milwaukee Journal Sentinel this past week for its successful fundraising efforts. Co-founded in 2008 by UW Radiology Professor Fred T. Lee Jr., NeuWave specializes in developing and commercializing minimally invasive technologies for the treatment of cancer and other critical medical conditions.
Recently, NeuWave raised $14 million from investors including H.I.G. BioVentures, an affiliate of H.I.G. Capital, Venture Investors, the State of Wisconsin Investment Board, and the Wisconsin Alumni Research Foundation (WARF). The company plans to use this funding to continue research and development on its Certus 140 thermal ablation system, as well as development of other minimally invasive tools.
Since Certus 140 thermal ablation became available for sale 18 months ago, about 1,500 patients nationwide have been treated using this technique. The device has four probes that use microwave radiation to destroy tumor cells in the lung, liver, or kidney. This technique is seen as an alternative to surgery, and is often being used in some cases when the patient is too sick to even consider surgery.
Along with H.I.G. BioVentures becoming an investor, H.I.G. BioVentures’ managing director, Michael Wasserman, will join the NeuWave board of directors in the near future.