Shock approval for CVRx

It has been a long road for CVRx, but the private company has finally reached the finish line with FDA premarket approval of its neurostimulator for heart failure. Barostim Neo consists of a pulse generator implanted below the collarbone with a lead that is attached to the carotid artery; this delivers shocks to baroreceptors in the neck which prompts vasodilation and other systemic effects which alleviate heart failure symptoms (CVRx holds its nerve, August 15, 2016). The approval covers patients with advanced heart failure who cannot be treated with other heart failure devices, such as pacemakers. The approval will come as a relief to CVRx’s investors, which include Johnson & Johnson’s venture arm and Glaxosmithkline’s bioelectronic medicine-dedicated VC fund, Action Potential Venture Capital. Now CVRx has approval for its flagship device, it is possible that an acquirer might come knocking. Glaxo’s involvement in bioelectronic therapies has been at arm’s length so far, though J&J might be a more likely buyer, or maybe a large cardiology player such as Medtronic or Abbott. After all, a venture investment is not always a prelude to an acquisition.

CVRx's venture financing
Date Round Investment ($m) Investors
Aug 2016 Series G 93.0 JJDC; Action Potential Venture Capital; Gilde Healthcare Partners; New Enterprise Associates; Windham Venture; Ysios Capital Partners
Oct 2013 Series F (second close) 12.0 DaVita HealthCare Partners; Ysios Capital Partners
Jul 2013 Series F 29.6 JJDC; New Enterprise Associates; BBT Fund/Apothecary Capital; SightLine Partners
Jul 2008 Series E 84.0 JJDC; New Enterprise Associates; BBT Fund/Apothecary Capital; Frazier Healthcare Ventures; InterWest Partners; SightLine Partners; Thomas Weisel Healthcare Ventures
May 2007 Series D 65.0 JJDC; ABS Ventures; BBT Fund/Apothecary Capital; Frazier Healthcare Ventures; InterWest Partners; New Enterprise Associates; SightLine Partners; Thomas Weisel Healthcare Ventures
May 2006 Series C 30.1 ABS Ventures; Frazier Healthcare Ventures; InterWest Partners; New Enterprise Associates; SightLine Partners; Thomas Weisel Healthcare Ventures
May 2003 Series B 22.0 Undisclosed
  Total 335.7  
Note: JJDC = Johnson & Johnson Development Corporation. Source: EvaluateMedTech.

 

 

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