|[December 06, 2012]
Cardiosonic Closes $6.1 Million in phased Series B Financing
TEL AVIV, Israel --(Business Wire)--
Cardiosonic, Inc., a private company developing innovative and
proprietary technology in the field of Renal Denervation for the
treatment of Hypertension, announced today that it has closed on the
first $6.1 million of a planned $16.1 million series B financing. The
round was led by a new strategic investor and joined by existing
investor Shmuel Almagor. 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.
Cardiosonic has successfully developed a high intensity, non-focused
therapeutic ultrasound catheter and control system for remote tissue
ablation for the treatment of hypertension by Renal Denervation (RDN).
The company has tested the TIVUSTM system in extensive bench
and animal studies and recently initiated a pilot human clinical trial.
The TIVUSTM system has been designed to enable quick
controlled RDN without damaging the arterial endothelium. Dr. Krishna
Rocha-Singh, an advisor to the company and a leader in the rapidly
growing field of RDN, from the Prairie Heart Institute at the St. John's
Hospital in Springfield, IL, commented that, "The TIVUSTM
system has great potential to improve the process and outcomes of RDN
procedures. In addition the TIVUSTM system may expand the
population of patients eligible for RDN therapy by obviating current
anatomic and physiologic restrictions and contra-indications."
Mr. Benny Dilmoney, Cardiosonic CEO commented that, "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. The addition of a new strategic investor combined with
the continuing commitment of our present investors is a testament to the
significant progress we have made in the development and investigation
of our TIVUSTM system."
Cardiosonic, Inc. is a privately held company established in late 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 Chief Technology Officer. The
company employs 17 highly skilled professionals and is located in Ramat
HaChayal, a high tech center in Tel Aviv, Israel.
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