NeuWave Medical, based in Madison, develops tools that deliver energy to the human body to treat a variety of serious medical conditions. NeuWave completed clinical trials and began commercialization of its Certus 140 soft tissue ablation product, which provides a minimally invasive treatment that uses microwave energy to destroy tumor cells. NeuWave wanted to raise more capital to further the system and to continue developing minimally invasive tools for surgery and other medical uses. The company serves markets that represent about $1 billion worth of opportunity.
To help NeuWave reach commercialization for its Certus 140 product, the state provided a $3,000 Technology Assistance Grant; a $2 million federal Small Business Innovation Research grant; $2 million in Qualified New Business Venture tax credits; and a $450,000 Technology Development Loan. In 2011, NeuWave reported that it had leveraged $2.7 million in angel investments and $4.7 million in Qualified Venture Fund Investments. By September 2012, the company had raised $14 million in a second round of financing.
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