Cardiosonic Closes $6.1 Million in phased Series B Financing
Cardiosonic, Inc., a private company developing innovative and proprietary technology in the field of Renal Denervation for the treatment of Hypertension, announced today that it has closed on the first $6.1 million of a planned $16.1 million series B financing. The round was led by a new strategic investor and joined by existing investor Shmuel Almagor. In addition the company announced that Michael Berman, an industry executive, has invested in the company and joined the board of directors as its Chairman.
Cardiosonic has successfully developed a high intensity, non-focused therapeutic ultrasound catheter and control system for remote tissue ablation for the treatment of hypertension by Renal Denervation (RDN). The company has tested the TIVUS system in extensive bench and animal studies and recently initiated a pilot human clinical trial. The TIVUS system has been designed to enable quick, controlled RDN without damaging the arterial endothelium. Dr. Krishna Rocha-Singh, an advisor to the company and a leader in the rapidly growing field of RDN, from the Prairie Heart Institute at the St. John's Hospital in Springfield, IL, commented that, "The TIVUS system has great potential to improve the process and outcomes of RDN procedures. In addition the TIVUS system may expand the population of patients eligible for RDN therapy by obviating current anatomic and physiologic restrictions and contra-indications."
Mr. Benny Dilmoney, Cardiosonic CEO commented that, "We are pleased to complete this financing with our new strategic partner and will rapidly move forward with our extensive clinical trial and next generation product development plans. We anticipate rapid enrollment in multiple clinical trial protocols during the next 18 months and in parallel expect to achieve important regulatory and product development milestones. We expect to become a serious competitor in the large and growing RDN International markets and be poised to execute our USA IDE trial in 2014. The addition of a new strategic investor combined with the continuing commitment of our present investors is a testament to the significant progress we have made in the development and investigation of our TIVUS system."
Cardiosonic, Inc. is a privately held company established in late 2009 by Shmuel Almagor to develop and commercialize breakthrough ultrasound technology invented by Ariel Sverdlik, at the time a doctorate student at Tel Aviv University and now the Company Chief Technology Officer. The company employs 17 highly skilled professionals and is located in Ramat HaChayal, a high tech center in Tel Aviv, Israel.