CVRx Funding Boost Will Sustain Barostim Heart Failure Device To US Launch
US heart failure device manufacturer CVRx has scored a double hit by securing $113 million in funding in this flat investor climate and by being one of the first into the US FDA’s EAP, designed to help innovative technologies get faster access to market. CVRx’s much larger rivals are doubtless watching events with an uneasy mix of interest and concern.
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The PMA approval is based on the results of the BeAT HF trial, which showed that baroflex activation therapy with Barostim Neo safely improves quality-of-life scores and exercise capacity in patients with heart failure and reduced ejection fraction.
The waiting is over and digital technologies are being adopted at pace, according to a CEOs Unfiltered panel at MedTech Europe's 2018 Forum. Connected care is at the top of the priority list, say Siemens Healthineers' Bernd Montag, AdvaMed Chairman/CVRx President and CEO Nadim Yared and former bioMerieux President and CEO Jean-Luc Bélingard, although it's not the only pressing issue on the bill.
Q3 medtech financing doubled in dollar volume to $3 billion, with debt offerings again representing the majority of the aggregate; acquisitions totaled $5.3 billion, mainly due to Johnson & Johnson’s $4.3 billion buy of Abbott Medical Optics. Diagnostics financings, which brought in $85 million, continued to decline, but at $5 billion, acquisitions showed a slight increase over the previous quarter, with Danaher’s takeover of Cepheid accounting for most of the M&A volume.