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May 11, 2006
CVRx Raises Additional $30 Million
CVRx harnesses a well-understood biological reflex
for the treatment of two of the most significant unmet
needs in clinical medicine today: hypertension and congestive
heart failure. The company has pioneered a device/electrode
combination to stimulate the carotid sinus, triggering
a reduction in blood pressure, even in patients who display
high resistance to existing blood pressure medicines.
50 million people in the U.S. suffer from clinically significant
hypertension..
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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,” said Robert 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.”
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