Company Profile
CVRx
Company Overview
CVRx is a private company located in Minneapolis, Minnesota. The company has developed proprietary technology for the treatment of high blood pressure, also referred to as hypertension, that cannot be controlled with medications (refractory or resistant hypertension). The CVRx senior management and technical team have many years of experience commercializing implantable medical devices. The company is well financed and supported by an outstanding board of directors. They have established a world-class scientific advisory board, which includes thought leading physicians and scientists in the field of hypertension.
Hypertension affects over 65 million people in the United States and is estimated to cause 1 in every 8 deaths worldwide. It is a major risk factor for cardiovascular disease, morbidity and mortality. It is a costly disease and yearly costs to treat hypertension in the United States are estimated to be $59.7 billion. Approximately 25 percent of people with hypertension cannot adequately control their hypertension with medications and lifestyle modifications. It is a disease that needs new treatment solutions.
The CVRx product provides a "physiological rational" method to reduce blood pressure. The system's proprietary technology uses the body's own natural blood pressure regulation system (baroreflex) to control blood pressure. CVRx has a strong intellectual property foundation, which will protect the unique hypertension therapy the company is developing. This product is currently under clinical evaluation in Europe and the United States.
Company History
CVRx was founded in 2001 to develop the Rheos System. The senior
management and technical teams have many years of experience commercializing
implantable medical devices.
The company has raised more than $60 million in private equity financing.
Principal investors include: ABS Ventures, Frazier Healthcare Ventures, InterWest
Partners, New Enterprise Associates, SightLine Partners and Thomas Weisel Healthcare
Venture Partners.
Important Progress at CVRx
• In October 2006, Nadim Yared, a medical industry veteran, was named president
and CEO. He succeeds Robert Kieval, a company founder, who is continuing with
the company as an executive vice president, chief technology officer and member
of the board of directors.
• In the same month, the company received a conditional IDE approval from the
FDA for use of the Rheos Baroreflex Hypertension Therapy System in a pivotal
clinical trial.
• In August 2006, Robert Kieval and CVRx received the “Finance and Commerce
Innovator of the Year 2006” award.
• In May 2006, CVRx completed a third round of private equity financing totaling
$30.1 million.
• CVRx has proprietary technology that is protected by a growing number of U.S.
patents.
Notable Accomplishments / Recognition
Early, promising results from clinical studies in Europe were reported at the
European Society of Hypertension and European Society for Vascular Surgery
conferences in June and August 2006. Early U.S. results will be presented at the
American Heart Association annual meeting in November 2006.
Benefits
CVRx's comprehensive benefit program includes: medical, dental, life, short-term disability, long-term disability, 401(k) plan, personal time off (PTO) and company paid holidays.