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NeuWave Medical Corrals $4.8M for Tumor-Zapping Tech

Xconomy Wisconsin — 

NeuWave Medical, a Madison, WI-based medical device maker, has raised $4.8 million through debt financing and securities options, a new SEC document shows. The funding round could eventually total $11.6 million.

The company previously hauled in more than $29 million from the likes of H.I.G. BioVentures, Madison-based Venture Investors, the Wisconsin Alumni Research Foundation, and the State of Wisconsin Investment Board, according to the Wisconsin Economic Development Corp. website.

NeuWave CEO Dan Sullivan couldn’t immediately be reached for comment today.

NeuWave was co-founded in 2004 by University of Wisconsin-Madison radiologist and biomedical engineer Fred Lee. The company’s FDA-approved products include minimally invasive systems that use microwave energy to zap tumors.

Lee remains on NeuWave’s board, but is working on a new Madison medical device startup, Elucent Medical. Elucent won this year’s Wisconsin Governor’s Business Plan Contest with its biocompatible electronic breast tag that would be used in a wireless marker and detection system meant to replace traditional “hook wire” procedures used in treating breast cancer.

Elucent reunites several key players from NeuWave. Besides Lee, the new startup’s founders include NeuWave co-founders Dan van der Weide and Chris Brace, as well as founding NeuWave CEO Laura King. King led NeuWave from 2007 through 2013, and has also held executive roles with GE Healthcare.

Other Elucent co-founders include Lee Wilke, director of the University of Wisconsin Health Breast Center and a surgery professor, and Elizabeth Burnside, a University of Wisconsin radiology professor and vice chair of clinical research.