Daily News: September 23, 2014

SVB Provides CVRx Facility

CVRx announced it secured a $15 million growth capital debt facility from Silicon Valley Bank.

Obtaining this funding significantly extends our cash availability to advance CVRx’s hypertension and heart failure businesses. This growth capital will help ensure that CVRx can continue to invest aggressively in the market development and clinical activities required to deliver Barostim Therapy for these large, unmet medical needs, said John Brintnall, CVRx’s CFO.

“We are excited about the future prospects for CVRx and Barostim Therapy. Our confidence is based on continued revenue growth in Europe for the resistant hypertension indication as well as the speed with which CVRx was able to complete enrollment of their randomized heart failure study in Europe, Canada and the United States,” said Jay McNeil, managing director within Silicon Valley Bank’s national life sciences practice.

Minneapolis-headquartered CVRx is the developer of the second-generation Barostim neo, an implantable system designed to treat hypertensionand heart failure.