Kona Medical nailed down $10 million in new financing to help advance its noninvasive, ultrasound renal denervation device in China.
The Bellevue, WA, company and 2013 Fierce 15 winner closed its Series D equity financing with Morningside Group, an international investment firm with a big presence in China. Plans call for using the funding to help advance the company's renal denervation system through China's clinical, regulatory and intellectual-property landscape. Kona's technology is designed to treat hypertension by using ultrasound waves outside the body to deaden nerves leading to and from the kidneys. Unlike with competing devices, the whole procedure happens outside the body, no catheter required.
"Our research predicts a very large market in China for a non-invasive therapy to treat hypertension," Michael Gertner, Kona Medical's founder and CEO, said in a statement. "We are very pleased to have an experienced investor in the region join the Kona syndicate."
Kona's technology--dubbed Surround Sound--has shown promise in trials. The company has touted 6-month results that showed the device generated a 29-mmHg drop in systolic blood pressure for patients, and there were no device-related serious adverse events. If further results bear out, the company could offer serious competition to market leaders Medtronic ($MDT) and St. Jude Medical ($STJ), along with other rivals developing competing products.
Kona pulled in a $40 million Series C in December 2012, capping a round that took about 7 months to complete. That round included an unnamed "large medical device company," plus Essex Woodlands, Domain Associates, Morgenthaler Ventures, Western Technology Investment and BioStar Ventures. Kona launched in 2009.
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Special Report: FierceMedicalDevices' 2013 Fierce 15 - Kona Medical