Devices & Diagnostics, Startups

Minnesota company raises $29.6 million for implantable hypertension technology

CVRx, a Minneapolis-based firm that has developed proprietary implantable technology for the treatment of high […]

CVRx, a Minneapolis-based firm that has developed proprietary implantable technology for the treatment of high blood pressure and heart failure, has raised $29.6 million for advancing clinical trials of its Barostim Neo, as well as expanding commercial activities abroad. Johnson & Johnson Development Corp. and New Enterprise Associates, Inc. were the co-lead investors.

According to CVRx CFO John Brintnall, this Series F financing is the company’s 6th venture capital round of private financing. CVRx still seeks about $15.4 million from new investors.

Though the product is already commercialized in Europe, it’s had some trouble with FDA approval in the U.S.

According to the regulatory filing, Med Dev’s officers include Brintnall, formerly of Survivalink; President and CEO Nadim Yared, formerly of Intio, Inc., VP and General Manager of Medtronic Navigation, and GE Healthcare; Founder and CTO Dr. Robert Kieval, formerly a divisional medical director at Medtronic; CCO Philippe Wanstock, formerly of Medtronic, Boston Scientific and Guidant France; VP of Regulatory Affairs and Quality Assurance Dean Bruhn-Hing, formerly of St. Jude Medical, where he was VP of regulatory affairs, and Guidant;VP of Research, Development and Operations Joe DuPay, formerly of Medtronic CDRM; A. Jay Graf, former group chairman of Guidant’s four operating groups; John Nehra of New Enterprise Associates and current board member of Aradigm, Evalve, Nutron Medical, Primax Recoveries, Proxima Therapeutics and TargetRx; Baxano Surgical, Inc. CFO and EVP Joseph Slattery; Ali Behbahani of New Enterprise Associates; and Mike Chuisano, the VP for Venture Investments at Johnson & Johnson Development Corp. .

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