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.
CVRx, 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.
Equity financing
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 acted as a financial advisor during this equity fund raising process.
Johnson & Johnson Innovation was the lead investor, with participation from existing investors New Enterprise Associates and Ysios BioFund I F.C.R. New investors in this Series G financing included Gilde Healthcare Partners, Action Potential Venture Capital Limited and Windham Venture Partners.
Debt financing
CVRx also closed a $20 million term loan agreement with Oxford Finance. A portion of the loan proceeds from this new debt facility was used to repay an existing loan. Armentum Partners 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
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