US-based medical device company CVRx has raised $50m in the latest round of equity financing to support the commercialisation efforts for the BAROSTIM NEO device in the country.
The round was co-led by new investors Strategic Healthcare Investment Partners (S.H.I.P.) and Vensana Capital.
It was also joined by new investors such as Hatteras Venture Partners and Venrock Healthcare Capital Partners.
The company’s existing investors Johnson & Johnson Innovation, New Enterprise Associates, Gilde Healthcare and Action Potential Venture Capital also took part in the financing round.
As part of the financing, S.H.I.P. general partner Mudit Jain and Vensana Capital general partner Kirk Nielsen will join the CVRx board of directors.
CVRx president and CEO Nadim Yared said: “It is a great vote of confidence in our product and mission that we were able to close this oversubscribed financing round amid such volatile market conditions and general uncertainty.
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“We are thankful for the support of our new investors, as well as our existing investor base and look forward to utilising this capital to drive the expansion of our footprint in the US market and bring our BAROSTIM NEO system to HF and hypertension patients in need.”
CVRx’s BAROSTIM NEO is designed to treat chronic heart failure (HF) patients by electrically activating the baroreflex, the body’s natural mechanism to regulate cardiovascular function.
The device was granted breakthrough device designation by the US Food and Drug Administration (FDA). It is the first neuromodulation device approved for heart failure patients.
It also received the CE Mark for HF and resistant hypertension in the European Economic Area (EEA).
According to the Centers for Disease Control and Prevention (CDC) heart failure fact sheet, 6.5 million people are affected by HF in the US. The condition leads to frequent heart failure hospitalisations, poor quality of life, poor life expectancy and considerable limitation in exercise capacity.