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CVRx Secures $20MM Term Loan From Oxford Finance

August 09, 2016, 07:36 AM
Filed Under: Medical

CVRx, Inc., a private medical device company, has secured equity financing totaling $93 million and a new $20 million debt facility.  CVRx plans to use the proceeds for the primary purposes of completing the Baroreflex Activation Therapy for Heart Failure Pivotal Clinical Trial (BeAT-HF) and expanding its global commercial activities.

The Company has completed a private equity financing totaling $57.7 million.  An additional $35.3 million has already been subscribed by the same investors and will close upon the company's achievement of a certain operational milestone.  Leerink Partners LLC acted as a financial advisor during this equity fund raising process.

CVRx also closed a $20 million term loan agreement with Oxford Finance LLC.  A portion of the loan proceeds from this new debt facility was used to repay an existing loan.  Armentum Partners, LLC served as an advisor to CVRx for this financing.

Oxford Finance is a specialty finance firm providing senior secured loans to public and private life sciences and healthcare services companies worldwide.

CVRx, Inc. is a privately held company founded in 2001 and headquartered in Minneapolis, Minnesota.  The company has developed the second-generation BAROSTIM NEO, a minimally-invasive implantable system and the only device CE Marked for the separate indications of heart failure and resistant hypertension.

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