CVRx Raises $17.7 Million in Equity Financing to Advance Neuromodulation Therapy for Hypertension

VCBeat (WeChat ID: vcbeat) has learned that, according to a recent filing with the U.S. Securities and Exchange Commission, CVRx completed an equity financing round of approximately $17.7 million. The round involved 20 unnamed investors. Reportedly founded in 2001, CVRx is a medical device company headquartered in Minnesota, United States.

This funding brought CVRx’s total equity financing to $93 million. On May 31, 2016, the company completed a $75.4 million equity financing round.

In recent years, the incidence of hypertension has risen significantly alongside the growing obese population. Currently, medication remains the traditional approach to treating hypertension. CVRx is developing implantable devices for hypertension treatment by leveraging implantable technology, with a commitment to enabling every patient with hypertension to enjoy a healthier and more fulfilling life.

According to Crunchbase, CVRx has completed a total of nine financing rounds since its inception. Notably, on July 30, 2008, the company closed an $84 million Series E round co-led by Johnson & Johnson Development and New Enterprise Associates; on August 9, 2016, it closed a $93 million Series G round led by Johnson & Johnson Development.

CVRx has developed an implantable device, BAROSTIM NEO, for the treatment of hypertension and heart failure induced by it. This product is designed to activate the body’s natural hemodynamic regulatory system to treat the disease. Additionally, the device allows for parameter adjustments to meet the individualized therapeutic needs of each patient.

BAROSTIM NEO utilizes neuromodulation technology. While neuromodulation is generally used for pain management, CVRx has pioneered its application in the treatment of hypertension. By implanting the device near the clavicle, it stimulates the body’s baroreflex system to regulate blood flow, thereby achieving the therapeutic goals of managing hypertension and heart failure.

In 2011, BAROSTIM NEO received CE approval for the treatment of resistant hypertension; in September 2014, the device obtained CE approval for the treatment of heart failure; in December 2014, the device was granted FDA Humanitarian Device Exemption (HDE) status for the treatment of hypertensive patients defined as responders to the Rheos Carotid Sinus Lead System.

BAROSTIM NEO is currently the only implantable device approved for the treatment of heart failure and resistant hypertension. The product has been launched in more than 20 countries worldwide, and clinical evaluations are underway in the United States to assess its therapeutic potential for hypertension and heart failure.

(Compiled by Jiao Yanli)