Kona Medical Inc. has raised $10 million in new Series C equity and debt financing.That brings its Series C total to $40 million, including $30 million raised in May.
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.
Kona Medical licensed technology from the University of Washington, developed by UW researchers Jessica Foley, James Little, and Shahram Vaezy, that uses high intensity focused ultrasound to treat nerves. Kona is developing an ultrasound-based approach to address severe high blood pressure (hypertension) through ablation of the renal nerves. Renal nerves are located proximal to the renal arteries, which provide blood flow to the kidneys. Renal nerves are part of the sympathetic nervous system and play a significant role in determining blood pressure. Recent clinical data have shown that ablation of renal nerves can result in profound and lasting reduction in hypertension in patients whose blood pressure is not adequately controlled by medication. Industry analysts have forecast that the future market for devices to effect renal denervation may reach several billion dollars worldwide.