CVRx®, Inc. Closes $29.6 Million Financing
MINNEAPOLIS, July 10, 2013 /PRNewswire/ -- CVRx, Inc., a private medical device company, has completed a private equity financing totaling $29.6 million.
CVRx plans to use the funding for the primary purposes of advancing its clinical trials and expanding its international commercial activities. New Enterprise Associates, Inc. (NEA) and Johnson & Johnson Development Corporation were the co-lead investors. Other participants in this round included existing investors BBT Fund L.P. and SightLine Partners.
About the Co-Lead Investors
NEA, founded in 1978, is a leading venture capital firm focused on helping entrepreneurs create and build major new enterprises. NEA focuses on investments at all stages of a company's development, from seed stage through IPO. With approximately $13 billion in committed capital across its affiliated funds, NEA's experienced management team has invested in over 600 companies. For additional information, visit www.nea.com.
Organized in 1973, Johnson & Johnson Development Corporation (JJDC) is the venture capital subsidiary of Johnson & Johnson. JJDC makes private equity investments in venture funded health care companies. Portfolio companies include those in the fields of pharmaceuticals, biotechnology, medical devices, diagnostics and consumer products. For more information, go to www.jjdevcorp.com.
About CVRx, Inc.
CVRx, Inc. is a privately held company founded in 2001 and headquartered in Minneapolis. The company has developed the Barostim neo™, an implantable system designed to treat hypertension and heart failure. Barostim neo received CE marking for the treatment of hypertension in Europe. It is under clinical evaluation for the treatment of heart failure in Europe and the United States and under clinical evaluation for the treatment of hypertension in the United States. CVRx has treated more than 625 patients with its patented devices.
About Heart Failure
In heart failure, heart function is impaired, resulting in shortness of breath, exercise intolerance and fluid retention. In the United States, heart failure is estimated to affect 5.1 million adults.1 Overall, heart failure is associated with a four-fold increased risk of death and a six to nine times increased risk of sudden cardiac death.1 The direct and indirect costs of heart failure are estimated to be $32 billion in the United States in 2013.1
In the United States, hypertension affects 77.9 million people.1 Worldwide, hypertension is estimated to cause one in every eight deaths.1 It is a major risk factor for cardiovascular disease, morbidity and mortality. Twenty-five percent of people with hypertension cannot adequately control their hypertension with medications and lifestyle modifications.2,3 It is a disease that needs new treatment solutions.
About Barostim neo
Barostim neo is a second generation device that uses CVRx-patented technology that is designed to trigger the body's own natural blood flow regulation system to treat hypertension and heart failure. The system works by electrically activating the baroreceptors, the body's natural blood pressure sensors that regulate cardiovascular function. These baroreceptors are located on the carotid artery. When activated by Barostim neo, signals are sent through neural pathways to the brain, which responds by telling the:
- Arteries to relax, making it easier for blood to flow through the body and reducing cardiac exertion;
- Heart to slow down, allowing more time for the organ to fill with blood; and
- Kidneys to reduce fluid in the body, lowering both excessive blood pressure and workload on the heart.
This unique, patented technology has the potential to improve quality of life and reduce health risks associated with hypertension and heart failure, including heart and kidney disease, stroke and death. Other key potential benefits of Barostim neo include the following:
- Can be adjusted to meet each patient's individual therapy needs, making it the only personalized medical device therapy for the treatment of hypertension with a CE marking;
- Is a non-destructive reversible treatment; and
- Provides 100% compliance to treatment, by automatically and continuously activating the baroreflex.
- Heart Disease and Stroke Statistics. American Heart Association – 2013 Update. Circulation 2013;127:e6-e245.
- Prospective Studies Collaboration. Lancet 2002;360:1903-1913.
- Chobanian AV. JAMA 2003;289:2560-2572.
CAUTION: Barostim neo is an investigational device and is limited by United States law to investigational use. Exclusively for Clinical Investigations for the treatment of heart failure (in the European Union and Canada).
CVRx, Barostim neo and Barostim Therapy are trademarks of CVRx, Inc. registered in the United States Trademark Office.
© CVRx, Inc. 2013. All rights reserved.
SOURCE CVRx, Inc.
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