Kona Medical Closes $40 Million Financing
Proceeds to Further Development of Non-Invasive Renal Nerve Ablation
Bellevue, Washington and Menlo Park, California – December 4, 2012
Kona Medical, Inc. today announced it has completed its Series C financing with the addition of $10 million in equity and debt, bringing total proceeds to $40 million. The Series C round included two large-cap strategic investors who joined with prior investors Essex Woodlands, Domain Associates, Morgenthaler Ventures, Western Technology Investments, BioStar Ventures, and individuals in the financing. Silicon Valley Bank provided the debt facility.
"We greatly appreciate the interest and support shown by leading healthcare companies and investors," said Michael Gertner, MD, founder and CEO of Kona Medical. "The resources provided by this financing will advance our mission to offer a treatment alternative for the millions of people who suffer from resistant hypertension."
The Kona Surround Sound™ system utilizes ultrasound, delivered from outside the body, to treat the nerves leading to and from the kidney. Renal denervation has been shown in clinical studies to lead to significant and lasting reductions in high blood pressure. At the TCT conference in October, Kona announced initial results from its WAVE I clinical study. Unlike other methods which rely on a catheter emitting therapeutic energy through the wall of the renal artery to affect the renal nerves, Kona's external Surround Sound™ technology uses a novel method of treating the nerves from outside the patient.
The fully non-invasive system the company is developing may greatly expand access to renal denervation therapy.
About Kona Medical
Kona Medical has 25 employees and is based in Bellevue, Washington, and Menlo Park, California.
Note: Kona Medical's technology is investigational and is not yet for sale or approved by the US Food and Drug Administration.
Kona Medical, Inc.
Chief Operating Officer
(425) 558 4616