US-based hypertension treatment developer Rox Medical raised $40m today in a series E round co-led by Novartis Venture Fund, a subsidiary of pharmaceutical firm Novartis.
Novartis co-led the round with venture capital firm Apple Tree Partners, with participation from fellow VC firms Versant Ventures and Domain Associates.
Rox is developing an interventional vascular device called the Rox Medical Coupler (pictured) that will combat uncontrolled hypertension by forming a connection between the artery and vein in the patient’s upper leg, thereby reducing blood pressure.
The device is being targeted at older patients suffering from stiffening arteries who may not be able to use therapies that focus on the sympathetic nervous system, which are often chiefly be useful for younger patients.
Founded in 2003, Rox raised more than $50m in financing from investors including Versant Ventures and Domain Associates through 2012.
Steven Weinstein, managing director of Novartis Venture Fund, will join Rox’s board of directors in conjunction with the round, along with David McIntyre and Sami Hamade of Apple Tree Partners.
Weinstein said: “We are excited to join this innovative and differentiated effort in the hypertension field. Despite best medical therapy, many patients still have uncontrolled hypertension which contributes to significant morbidity and mortality.”