Minneapolis, MN, May 11, 2006 – CVRx Inc., a private company that has developed the world’s first implantable medical device to treat high blood pressure, announced that it has completed a third round of private equity financing totaling $30.1 million. The funds will be used to continue clinical trials of its flagship product, the Rheos® Baroreflex Hypertension Therapy™ System, and to expand research and development initiatives.
Participants in the financing included new investor Thomas Weisel Healthcare Venture Partners and existing investors New Enterprise Associates, InterWest Partners, ABS Ventures, Frazier Healthcare Ventures and SightLine Partners. The financing brings the total investment in CVRx to over $60 million.
“This new funding allows us to accelerate our efforts to provide a much needed treatment alternative to patients who remain at risk because their high blood pressure cannot be controlled with medications,” saidRobert Kieval, President and CEO of CVRx. “We are very pleased with the results we are achieving with the Rheos System in our clinical trials, and we plan to begin presenting this favorable data at the American Society of Hypertension, Society of Vascular Surgery and European Society of Hypertension medical meetings over the next two months.”
CVRx was founded in 2001. The Rheos System provides a “physiological rational” method to reduce blood pressure. It is an implantable device that is designed to reduce blood pressure by using mild electrical signals to influence the body’s blood pressure regulation system, known as the baroreflex. It is an investigational device and is currently in clinical trials in Europeand the United States. For more information visit www.cvrx.com.
High blood pressure, also referred to as hypertension, affects about 65 million people in the United States. It is a leading cause of stroke, heart attack, heart failure and kidney disease and is estimated to cause one in every eight deaths worldwide. Approximately twenty-five percent of people with hypertension cannot control their high blood pressure, despite the use of multiple medications.
John Brintnall, Vice President of Finance, (763) 416-2853
CAUTION: CVRx Rheos System is an investigational device and is limited by Federal (orUnited States) law to investigational use only.
CVRx, Rheos, Baroreflex Hypertension Therapy are trademarks of CVRx, Inc. © CVRx, Inc. 2007