CVRx, a US-based medical device maker backed by medical products group Johnson & Johnson, pharmaceutical firm GlaxoSmithKline and healthcare provider DaVita HealthCare Partners, has filed to raise $75m in an initial public offering.
Founded in 2001, CVRx has developed an implantable medical device called Barostim Neo which is designed to treat heart failure in patients with cardiovascular diseases. It plans to use the IPO proceeds to expand its direct sales team and support research and development activities.
Strategic Healthcare Investment Partners and Vensana Capital co-led a $50m round for CVRx in July 2020, while Johnson & Johnson Innovation – JJDC and Action Potential Venture Capital took part on behalf of Johnson & Johnson and GlaxoSmithKline respectively.
The round was filled out by Hatteras Venture Partners and Venrock Healthcare Capital Partners, New Enterprise Associates (NEA) and Gilde Healthcare Partners.
JJDC had led a $93m series G round for CVRx in 2016 that included Action Potential Venture Capital, NEA, Ysios Capital, Gilde Healthcare and Windham Venture Partners.
The series G round comprised $57.7m of funding upfront and a $35.3m commitment contingent on an undisclosed operational milestone. That funding was supplemented by a $20m term loan agreement supplied by Oxford Finance.
CVRx had raised approximately $265m of equity and debt financing, including $42m from a 2013 round backed by JJDC, DaVita HealthCare Partners, Ysios Capital, NEA, BBT Fund and SightLine Partners.
JJDC co-led an $84m round for the company with NEA in 2008 after leading a $65m round the year before. Both rounds included BBT Fund, Thomas Weisel Healthcare Venture Partners, InterWest Partners, Frazier Healthcare Ventures and SightLine Partners.
JJDC is the largest shareholder in CVRx, with a 31.8% stake, followed by NEA (17%), Gilde Healthcare (12.7%), Vensana Capital (11.9%), Action Potential Venture Capital (6%) and Treo Ventures (5.8%).
JP Morgan, Piper Sandler, William Blair and Canaccord Genuity have been appointed as underwriters for the offering, which will take place on the Nasdaq Global Market.
Image courtesy of CVRx.