Medical device firm CVRx has secured $113min new financing which will be used to expand its global commercial activities.
The company has received equity financing totaling $93m, as well as new $20 debt facility.
The proceeds will also be used to complete the Baroreflex activation therapy for heart failure pivotal clinical trial (BeAT-HF).
CVRx has completed a private equity financing $57.7m. It received an additional $35.3m by the same investors, and will close upon the firm’s achievement of a certain operational milestone.
Johnson & Johnson Innovation – JJDC is the lead investor, while others include New Enterprise Associates and Ysios BioFund I F.C.R.
New investors in the Series G financing comprise of Gilde Healthcare Partners, Action Potential Venture Capital and Windham Venture Partners.
The company has also closed a $20m term loan agreement with Oxford Finance. It has used a portion of the loan proceeds from the new debt facility to repay an existing loan.
CVRx has designed the BeAT-HF Phase III clinical trial to assess the safety of Barostim Neo, in addition to its effectiveness on symptoms and clinical outcomes in patients suffering from chronic heart failure.
The study, which is currently recruiting patients, is intended to offer the basis for market approval in the US.
The company presented the safety and efficacy results from the 146-patient randomized and controlled clinical trial, HOPE4HF, at the American College of Cardiology, Heart Rhythm Society and the European Society of Cardiology Heart Failure conferences.
According to the company, the results at six months showed that patient symptoms, functional capacity, and cardiovascular function were improved, as well as heart failure hospitalization days were reduced in Barostim therapy patients compared to control patients.