Treo Ventures Announces the Successful IPO of its Portfolio Company CVRx® (NSDQ: CVRX)

Rhea-AI Summary

CVRx, a medical technology company, successfully priced its initial public offering (IPO) at $18.00 per share, raising approximately $126 million. The IPO allows for an additional 1,050,000 shares underwriters can purchase. CVRx specializes in solutions for heart failure, notably its Barostim Neo™, the first neuromodulation device for heart failure and the first medical device to receive the FDA's Breakthrough Device Designation. Trading under the ticker symbol 'CVRX' began on June 30, 2021, with J.P. Morgan and others serving as underwriters.

Positive

• Successful IPO priced at $18.00 per share, raising approximately $126 million.
• Barostim Neo™ is the first FDA-approved neuromodulation device for heart failure.
• FDA's Breakthrough Device Designation received for Barostim Neo™.

Negative

• None.

SANTA CLARA, Calif. and DUBLIN, July 6, 2021 /PRNewswire/ -- Treo Ventures portfolio company CVRx, Inc. announced the upsized pricing of its initial public offering on the Nasdaq Global Select Market. Treo led the pre-IPO round in July 2020 with Treo General Partner, Mudit K. Jain, PhD, joining the CVRx Board.

CVRx is a commercial-stage medical technology company focused on the development and commercialization of innovative and minimally invasive solutions for patients with heart failure.  CVRx's Barostim Neo™ is the world's first neuromodulation device for the treatment of heart failure and the company has FDA approval in the USA and also CE Mark for Heart Failure and Drug Refractory Hypertension in Europe.  Barostim Neo™ is also the first ever medical device to receive the FDA's Breakthrough Device Designation. The Barostim Therapy™ is designed to trigger the body's natural regulation system by relaxing the blood vessels, making it easier for blood to flow to the body putting less pressure on the heart and by regulating the heart rate that makes it work more efficiently.

CVRx shares began trading on June 30, 2021, under ticker symbol "CVRX", after completing its initial public offering of 7 million shares at a public offering price of $18.00 per share. In connection with this offering, CVRx was granted a 30-day option to the underwriters to purchase up to an additional 1,050,000 shares of common stock at the initial public offering price, less the underwriting discount. The gross proceeds before deducting the underwriting discount and other offering expenses, are expected to be approximately $126 million, excluding the underwriters' option to purchase additional shares.

J.P. Morgan, Piper Sandler and William Blair acted as joint book-running managers and as representatives of the underwriters for the offering. Canaccord Genuity acted as a lead manager for the offering.

About CVRx, Inc. 

Headquartered in Minneapolis, MN, CVRx is a leader in innovative medical technologies that address the unmet needs in cardiovascular diseases with safe and effective therapies that harness and harmonize the body's natural systems. CVRx is dedicated to improving patient outcomes, quality of life, and overall cardiovascular health via novel baroreceptor neuromodulation therapies.  www.cvrx.com.

About Treo Ventures 
Founded in 2018, Treo Ventures is a venture capital fund focused on medical devices and digital health. The Treo team, Mudit K. Jain, PhD, Brad H. Vale, PhD, DVM and Tracy Pappas, brings more than 90 years of cumulative healthcare experiences in investing and operational roles. The team has been involved in several premium healthcare companies and invested globally in more than 60 companies through multiple market cycles. For more information, visit www.treovp.com

Information Contact: 
Mudit K. Jain, PhD, General Partner 
Treo Ventures
info@treovp.com
650.402.2560 

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SOURCE Treo Ventures

FAQ

What is the IPO price for CVRx?

The IPO price for CVRx is $18.00 per share.

How much did CVRx raise in its IPO?

CVRx raised approximately $126 million in its IPO.

When did CVRx begin trading on Nasdaq?

CVRx began trading on Nasdaq on June 30, 2021.

What is Barostim Neo™?

Barostim Neo™ is the world's first neuromodulation device for treating heart failure.

What designation did Barostim Neo™ receive from the FDA?

Barostim Neo™ received the FDA's Breakthrough Device Designation.