In an email to CVRx employees shared with MassDevice, CEO Kevin Hykes repeated that the Minneapolis-based company is refining its commercial strategy.
“This means increasing our capabilities and focusing on broadening therapy awareness, building clinical evidence, and improving patient access,” he said.
To support the company’s efforts, CVRx is bringing on Dr. Philip Adamson as chief medical officer. Adamson was most recently chief medical officer of Abbott’s Heart Failure Division. He joins CVRx on May 23, according to Hykes’ email.
In addition, Hykes announced that Bonnie Handke — a 25-year Medtronic veteran — will join CVRx on May 28 as SVP of patient access, reimbursement, and healthcare economics. Handke was most recently VP of global health economics, policy and reimbursement for Medtronic’s coronary and renal denervation, peripheral vascular health, structural heart, and aortic and cardiac surgery businesses.
“I have known both Dr. Adamson and Bonnie for over 20 years and am thrilled that they are joining the CVRx team,” Hykes said. “They each bring a wealth of experience and expertise that will significantly elevate CVRx’s capabilities and that will play an instrumental role in moving Barostim therapy to standard of care.”
CVRx later reported in a news release that Jennifer Englund started with the company on May 1 as SVP of global clinical affairs. Englund has over 25 years of medical device industry experience, most recently serving as SVP of scientific affairs at robot-assisted neurosurgery company Monteris Medical.
The moves come about two months after Hykes took over the corner office at CVRx. He previously was CEO at Augmedics and Bardy Diagnostics.
The CVRx Barostim device delivers electrical pulses to baroreceptors in the wall of the carotid artery. These activate the body’s baroreflex, triggering an autonomic response to the heart. CVRx designed the therapy to restore balance to the autonomic nervous system, reducing the symptoms of heart failure.
Last month, CVRx reported first-quarter revenue of $10.8 million, an increase of 35% over the prior year quarter. However, Hykes acknowledged that there were commercial execution challenges in the company’s U.S. heart failure business during the time of the leadership transition. In the April 30 earnings announcement, Hykes spoke about broadening the company’s leadership team — a promise he is meeting with the new hires.
The day after the earnings announcement, William Blair analysts downgraded their rating on CVRX shares to Market Perform, noting that Q1 revenue missed the Wall Street consensus.
“Though we remain believers in the long-term place for Barostim technology in the patient care continuum, the results this quarter suggest that it will likely take more clinical, commercial, and market access initiatives to see sustainable uptake,” William Blair’s Margaret Kaczor Andrew, Macauley Kilbane and James Beers said.
