Devices & Diagnostics

Fundraising: California medical device startup treating hypertension raises $6 million

California startup Rox Medical, which makes an implanted medical device to treat severe chronic obstructive pulmonary disease, has raised $5 million in search of $9 million.

UPDATE:
An earlier version of this story depended on Rox Medical’s website and SEC filings for information. But CEO Rodney Brenneman, who returned a call after the story was published, said those were not fully accurate.

Name of Company: Rox Medical Inc.

Industry: Medical devices

Location: San Clemente, California

Solution/Product: Rox Flow proedure, which places an implanted device delivered via a catheter for patients suffering from uncontrolled hypertension.

Money Raised: $6 million, according to CEO Rodney Brenneman; company has raised $53.1 million, excluding this round, since 2004.

How it will be used:  To fund a randomized trial called CONTROL-HTN of 100 patients outside the U.S.

Investors: Versant Ventures Domain Associates (previous investors: Essex Woodland and Prism VentureWorks

Management team: Rodney Brenneman, President & CEO; Chris Yelley, Director of Operations; Peter Balmforth, Director of Sales and Clinical Support, Europe

Market size: Same as or slightly larger than the renal denervation market, said Brenneman. The renal denervation market has the potential to be a $2.9 billion market by 2021, according to Millennium Research Group.

 

[Photo Credit: freedigitalphotos user Salvatore Vuono]