Medical device company CVRx Inc. went public Wednesday, raising $126 million.
The Brooklyn Park-based company sold 7 million shares of stock at $18 per share — above the expected price of $17.
Based on CVRx's 18.5 million outstanding shares, the company is valued at more than $333 million.
Ganaccord Genuity acted as lead manager, while J.P. Morgan, Piper Sandler and William Blair were book-running managers. Underwriters have up to 30 days to purchase up to 1.05 million shares.
Shares are expected to begin trading on the NASDAQ Wednesday morning under the ticker symbol CVRX.
It’s the latest in a series of IPOs from Minnesota companies this year. Med-tech company Miromatrix Medical Inc. and insurance startup Bright Health Group Inc. went public a week ago. Sun Country Airlines Holdings, Agiliti Inc. and Bloomington-based SkyWater Technology Inc. completed public offerings earlier this year.
CVRx received FDA approval for its Barostim Neo implantable device in 2019. The Neo uses neuromodulation therapy, which means it stimulates the nervous system by using an electrode placed on the neck's carotid artery, to treat chronic heart failure and resistant hypertension.
CVRx is one of Minnesota's largest venture capital recipients ever. It has raised over $390 million from investors from firms like Santa Clara, Calif.-based Strategic Healthcare Investment Partners, Edina-based Vensana Capital (which owns 11.9% of the company), New Jersey-based Johnson & Johnson Innovation (which owns 31.8%) and venture capital giant New Enterprise Associates (which owns 17%).
Its most recent funding was a $50 million round in 2020.
CVRx had revenues of $6.1 million in 2020, according to its prospectus. It had net losses of $14.1 million in the same period. It had revenues of $2.9 million and losses of $8.6 million in the first quarter of 2021.
The firm said it plans to use the proceeds from the public offering to build out its sales workforce and continue research and development.
