CVRx, which makes a minimally invasive neuromodulation device for cardiovascular disease, announced terms for its IPO on Wednesday.
The Minneapolis, MN-based company plans to raise $100 million by offering 6.3 million shares at a price range of $15 to $17. At the midpoint of the proposed range, CVRx would command a fully diluted market value of $333 million.
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 was founded in 2000 and booked $7 million in sales for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol CVRX. J.P. Morgan, Piper Sandler, and William Blair are the joint bookrunners on the deal. It is expected to price during the week of June 28, 2021.
