Brooklyn Park-based CVRx Files for IPO
Brooklyn Park-based medical device maker CVRx Inc. has filed paperwork to take the company public.
The company is looking to raise at least $75 million in its initial public offering (IPO), according to a June 4 filing with the Securities and Exchange Commission. CVRx sells an implantable device aimed at treating heart failure. The company’s product, known as Barostim Neo, won approval from the U.S. Food and Drug Administration nearly two years ago.
CVRx leaders say that that clinical trials of the product have shown “robust and reproducible” benefits for patients. They also maintain that there’s a multibillion-dollar market for the device in both the U.S. and parts of Europe.
In 2020, the company reported annual revenue of $6.1 million and a net loss of $14.6 million. CVRx noted that the pandemic “negatively impacted” the company’s 2020 revenue. With various Covid-related restrictions in place around the world, “substantially all” of the company’s scheduled implantation procedures were postponed.
CVRx pulled in a significant amount of private capital before turning to the public markets. According to Crunchbase, the company has raised over $390 million over nine fundraising rounds.
CVRx is now part of a growing line of Minnesota companies launching IPOs in 2021. Late last month, synthetic organ maker Miromatrix Medical also submitted paperwork to go public.