CVRx, which makes a minimally invasive neuromodulation device for cardiovascular disease, raised $126 million by offering 7 million shares at $18, above the range of $15 to $17. The company offered 0.75 million more shares than anticipated.
CVRx manufactures and markets its minimally invasive neuromodulation solutions on its proprietary BAROSTIM platform, which targets imbalances of the autonomic nervous system, or ANS, which the company claims cause heart failure and other cardiovascular diseases. The company's second-generation product, BAROSTEM NEO, is the first and only commercially available neuromodulation device indicated to improve symptoms for patients with heart failure with reduced ejection fraction.
CVRx plans to list on the Nasdaq under the symbol CVRX. J.P. Morgan, Piper Sandler, and William Blair acted as joint bookrunners on the deal.
