CVRx raises $113m Series G for Barostim Neo trial

CVRx said today that it raised a $113 million funding round it plans to use to complete a pivotal clinical trial of its Barostim Neo neurostimulation device for treating heart failure. The round consists of a $93 million equity round and a $20 million debt facility, the Minneapolis-based company said. CVRx, which reported raising $46.5 million in a June regulatory filing, said some $58 million from the equity round is already in its coffers, with another $35.3 million milestone on the line pegged to “achievement of a certain operational milestone,” the company said. The equity financing was led by prior backer Johnson & Johnson Innovation, the venture capital arm of Johnson & Johnson (NYSE:JNJ), with participation from existing investors New Enterprise Associates and Ysios BioFund and new investors Gilde Healthcare Partners, Action Potential Venture Capital and Windham Venture Partners. CVRx also said it used part of a new, $20 million term loan from Oxford Finance to repay an existing loan. The new infusion will also go toward expanding CVRx’s commercial footprint in markets where its device is already approved. The company has raised more than $300 million since its 2001 founding, including a $42 million Series F round back in 2013. The Barostim Neo device, which won CE Mark approval in the European Union in July 2012, is designed to influence both the sympathetic and parasympathetic systems, reducing sympathetic activity and increasing pa...
Source: Mass Device - Category: Medical Equipment Authors: Tags: Cardiovascular Funding Roundup Neuromodulation/Neurostimulation CVRx Inc. Source Type: news