Kona Medical Closes $10 Million Financing for Ultrasound Renal Denervation System
Proceeds to Fund China Initiative
October 25, 2013
October 25, 2013 — Kona Medical Inc. announced it has closed a Series D equity financing of $10 million. Morningside Group, a broad-based investment firm with significant presence in China, led the investment and is the sole investor.
“These funds are earmarked for the China market,” said Michael Gertner, M.D., founder and CEO, Kona Medical. “Our research predicts a very large market in China for a non-invasive therapy to treat hypertension. This investment will allow Kona to begin navigating the complex clinical, regulatory and intellectual property issues associated with this region. We are very pleased to have an experienced investor in the region join the Kona syndicate.”
Kona Medical’s Surround Sound Renal Denervation System utilizes ultrasound, delivered from outside the body, to treat nerves leading to and from the kidney. Renal denervation has been shown in clinical studies to lead to significant and lasting reductions in blood pressure in drug-resistant hypertension patients. Kona’s non-invasive system offers the opportunity to increase patient access to renal denervation and lower healthcare costs. Kona is based in Bellevue, Wash. and Menlo Park, Calif.
For more information: www.konamedical.com