A new undisclosed strategic investor and existing investor Shmuel Almagor have led a $6.1m round of funding of a planned $16.1m B round into Israel-based Cardiosonic, developer of proprietary technology in the field of renal denervation (RDN) for the treatment of hypertension.
In addition, the company announced that Michael Berman, an industry executive, has invested in the company and joined the board of directors as its chairman. Berman fullfilled the same role at BridgePoint Medical before it was sold to Boston Scientific earlier this year for an undisclosed sum.
Cardiosonic was founded in 2009 by Shmuel Almagor to develop and commercialize breakthrough ultrasound technology invented by Ariel Sverdlik, at the time a doctorate student at Tel Aviv University and now the company’s Chief Technology Officer.
Benny Dilmoney, chief executive of Cardiosonic, said: “We are pleased to complete this financing with our new strategic partner and will rapidly move forward with our extensive clinical trial and next generation product development plans. 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. We expect to become a serious competitor in the large and growing RDN International markets and be poised to execute our USA IDE trial in 2014.”