Kona Medical Raises $30M in “C” Round of Financing

May 31 2012

BELLEVUE, WA—Kona Medical said it has raised $30 million in Series C financing to advance its ultrasoundbased hypertension therapy. Existing investors Essex Woodlands, Domain Associates, Morgenthaler Ventures and BioStar Ventures participated and the financing was led by a large-cap medical technology company.  The terms of the financing provide for the potential inclusion of additional investors. Kona is developing an ultrasound-based approach to address severe high blood pressure (hypertension) through ablation of the renal nerves. The company says it will use the proceeds from
the financing to fund clinical trials and to add staff in both Bellevue and the San Francisco Bay Area as it advances its technology into commercial development.  The company also reported that John Bowers has joined the company as chief operating officer. Bowers most recently served as a senior VP at SonoSite.

Renal nerves are part of the sympathetic nervous system and play a significant role in determining blood pressure, Kona noted. 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. Kona says its technology, which utilizes externally delivered ultrasound energy to ablate the renal nerves, can enable non-invasive treatment for
drug-resistant hypertension and has significant potential advantages over alternative methods.