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CVRx Secures $15MM Facility From Silicon Valley Bank

September 22, 2014, 07:31 AM
Filed Under: Medical

CVRx, Inc., a private medical device company, announced it secured a $15 million growth capital debt facility from Silicon Valley Bank. "Obtaining this funding significantly extends our cash availability to advance CVRx's hypertension and heart failure businesses.  This growth capital will help ensure that CVRx can continue to invest aggressively in the market development and clinical activities required to deliver Barostim Therapy for these large, unmet medical needs," said John Brintnall, CVRx's Chief Financial Officer.

"We are excited about the future prospects for CVRx and Barostim Therapy.  Our confidence is based on continued revenue growth in Europe for the resistant hypertension indication as well as the speed with which CVRx was able to complete enrollment of their randomized heart failure study in Europe, Canada, and the United States," said Jay McNeil, Managing Director within Silicon Valley Bank's national life sciences practice. 

CVRx, Inc. is a privately held company founded in 2001 and headquartered in Minneapolis. The company has developed the second generation Barostim neo, an implantable system designed to treat hypertension (high blood pressure) and heart failure. Barostim neo received CE marking for the treatment of hypertension in Europe. It is under clinical evaluation for the treatment of heart failure in Europe and the United States. It is under clinical evaluation for the treatment of hypertension in the United States.

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