Cardiosonic seeks $16.1M for renal denervation tech

Israeli startup Cardiosonic has pulled in $6.1 million of a planned $16.1 million Series B, aiming to fund the development of its ultrasound-based renal denervation device, Tivus.

The round was led by an unnamed "new strategic investor," and Cardiosonic didn't respond to an email asking for more info Friday. Among the company's supporters is industry vet Michael Berman, who is now Cardiosonic's chairman after filling the same role at BridgePoint Medical before it was sold to Boston Scientific ($BSX) in September.

As for Tivus, the company has already tested it in bench and animal studies, and Cardiosonic has recently launched a pilot trial in humans. The device, much like ReCor Medical's CE marked Paradise, is a catheter inserted into the renal artery that delivers ultrasound energy to deaden nerves and lower blood pressure.

CEO Benny Dilmoney says the new cash will help accelerate the development process, and the company has its eyes on an American IDE trial for FDA approval in 2014.

"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," Dilmoney said in a statement.

Renal denervation devices are projected to pull in $2.8 billion a year by 2020, and the promise of a big payday has spurred VCs and big devicemakers alike to pour money into in-development technologies. Earlier this week, Kona Medical closed a $40 million funding round to support its hypertension-fighting device, a series led, much like Cardiosonic's, by a mystery investor.

- here's Cardiosonic's announcement

Special Report: Renal Denervation - The Next Big Thing in Medical Devices