NeuWave Medical, Inc. Announces $14 Million Financing Led by H.I.G. BioVentures to Further Commercial Success of Microwave-Based Ablation Tools

MADISON, Wis.--(BUSINESS WIRE)--Medical device company, NeuWave Medical, announced today that it has raised a $14 million Series B financing, led by new investor H.I.G. BioVentures, with participation from existing shareholders, including Venture Investors, WARF and the State of Wisconsin Investment Board. The financing will be utilized to further the commercial success of the company’s market-leading Certus 140 thermal ablation system and to continue the company’s pioneering 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.

“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.”

Headquartered in Madison, WI, NeuWave Medical develops and commercializes innovative, energy-based, soft tissue ablation devices for interventional oncology, surgery and other clinical markets. During the initial eighteen months of commercial availability, the Certus 140 microwave ablation system has been utilized by Surgical Oncologists and Interventional Radiologists to treat over 1500 patients at ninety leading healthcare institutions.

NeuWave President and CEO Laura G. King commented, “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 commercialization and development of these cutting edge medical devices,” said Dr. Wasserman. “The company provides leading physicians and healthcare centers with novel tools that are characterized by highly attractive and differentiated feature sets. This financing will allow the company to continue its rapid growth and important contributions to healthcare.”

About NeuWave Medical

NeuWave Medical develops tools that deliver energy to the human body to treat a variety of serious medical conditions. Our company founders are both engineers and physician-scientists which allows us to determine a clinical need, and design solutions that are clinically relevant, effective, and minimally invasive. We strive to make the highest quality devices that are the products of choice for leading physicians and medical centers around the world.

About H.I.G. BioVentures

H.I.G. BioVentures is the dedicated life-science investment affiliate of H.I.G. Capital, a leading global private equity investment firm with more than $10 billion of equity capital under management. H.I.G. BioVentures invests in a broad range of life sciences opportunities across sectors and stages, principally in companies developing therapeutic drugs, medical devices, and diagnostics for significant unmet medical needs. With approximately $400 million in committed capital, H.I.G. BioVentures invests approximately $3 million to $40 million per company over the life of an investment. For more information, please refer to the H.I.G. BioVentures website at www.higbio.com.

About H.I.G. Capital

H.I.G. Capital is a leading global private equity investment firm with more than $10 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, Chicago, Dallas, New York and San Francisco, in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Paris, and Rio de Janeiro, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well-managed service or manufacturing businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm's current portfolio includes companies with combined revenues in excess of $8 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.