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news.CVRx, a private medical device company, has completed a fifth round of private equity financing totaling $84 million.
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New Enterprise Associates and Johnson & Johnson Development were the co-lead investors. Other participants in this round included existing investors BBT Fund, Thomas Weisel Healthcare Venture Partners, InterWest Partners, Frazier Healthcare Ventures and SightLine Partners. With this financing, the total investment in CVRx exceeds $209 million.
The company has developed the Rheos system, an implantable device designed to control hypertension, or high blood pressure, a leading cause of heart and kidney disease, stroke and death. This device is intended to provide a new treatment option for the millions of people who cannot control their hypertension with medications.
CVRx’s Rheos system has received CE Mark approval in Europe and is being evaluated in a global pivotal trial designed to obtain FDA approval.
CVRx plans to use the funding to complete the hypertension pivotal trial, as well as for product development and building a sales and marketing organization in anticipation of product launch. In addition, CVRx will launch clinical research initiatives in the use of Rheos for the treatment of heart failure.