New investors Strategic Healthcare Investment Partners and Vensana Capital led the new funding round — with participation from other new investors, Hatteras Venture Partners and Venrock Healthcare Capital Partners. Existing investors Johnson & Johnson Innovation, New Enterprise Associates, Gilde Healthcare, and Action Potential Venture Capital also participated.
The FDA-approved Barostim Neo is a neuromodulation device to treat the heart. It uses patented technology to send electrical pulses to baroreceptors in the wall of the carotid artery. The treatment is meant to restore balance to the automatic nervous system and improve the symptoms of heart failure.
“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,” CVRx CEO Nadim Yared said in a news release out today. “We are thankful for the support of our new investors as well as our existing investor base, and look forward to utilizing this capital to drive the expansion of our footprint in the U.S. market, and bring our Barostim Neo system to HF and hypertension patients in need.”
In our most recent DeviceTalks Weekly podcast, Yared describes the years of close work between his company and FDA that was necessary to reach the point where CVRx’s novel neuromodulation technology became available to Americans.