CVRx plans to hold an IPO to raise up to $75 million as it seeks to further commercialize its neuromodulation device to treat the heart.
That’s according to a June 4 registration statement with the U.S. Securities and Exchange Commission that follows up on a registration confidentially filed with the SEC in April.
The plan is for Brooklyn Park, Minn.–based CVRx to trade on the Nasdaq under the symbol CVRX. Underwriters include J.P. Morgan, Piper Sandler, William Blair and Canaccord Genuity.
CVRx’s FDA-approved Barostim Neo uses patented technology to send electrical pulses to baroreceptors in the wall of the carotid artery. The treatment is meant to restore balance to the automatic nervous system and improve the symptoms of heart failure.
The company brought in about $6 million a year in 2019 and 2020, with sales only slightly down amid the COVID-19 pandemic. Company officials tout an initial $2.9 billion opportunity to treat heart failure with reduced ejection fraction.
CVRx announced a $50 million money-raise in July 2020, and the company secured a reimbursement win with CMS later in the year.
CEO Nadim Yared discussed the FDA negotiating process and the challenges of selling during a pandemic during appearances last year on MassDevice‘s DeviceTalks Weekly Podcast.