CVRx, the medical device maker backed by Johnson & Johnson, will list its shares next week.
CVRx on Wednesday set terms for its initial public offering. The Minneapolis, Minnesota company plans to offer 6.25 million shares at $15 to $17 each, a prospectus said. It will trade under the ticker CVRX on the Nasdaq.
JPMorgan, Piper Sandler, and William Blair are lead underwriters on the deal.
CVRx is scheduled to price its IPO on Tuesday, June 29 and trade the next day, a person familiar with the situation said.
Founded in 2001, CVRx makes and commercializes devices that are used to treat people suffering from chronic heart failure and resistant hypertension. The company estimates that there are 26 million people globally suffering from heart failure, including about 6.2 million people in the U.S. Its lead product is the BAROSTIM NEO, which was approved by the Food & Drug Administration, and meant to treat patients with advanced heart failure. The device sends electrical signals to the body’s pressure sensors (baroreceptors) and this causes the brain to modulate cardiovascular function.
CVRx isn’t profitable. Losses widened to $8.6 million for the quarter ended March 31 from $3.8 million in losses for the same period in 2020. Revenue jumped 66% to $2.9 million for the March quarter.
CVRx has raised $390.6 million in funding, Crunchbase said. This includes a $50 million round in July 2020.
Johnson & Johnson Innovation, the venture capital unit of the conglomerate, will own the biggest stake, 21.4%, in CVRx after the IPO, the prospectus said.
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