CVRx Inc (CVRX) News & EventsCVRXNews & EventsCVRx Inc

Pointillist Founder Urges CVRx to Initiate Sale Process

Jorey Chernett, Founder of Pointillist Family Office and beneficial owner of more than 5.5% of the outstanding shares of CVRx, delivered a letter to the CVRx Board of Directors urging it to launch an immediate and formal process to sell the company to a strategic acquirer. In the letter, Chernett outlines why CVRx, through its Barostim product, would be uniquely valuable to a large medical device company. A sale of CVRx can be accretive to such an acquirer within twelve months, and would enable CVRx shareholders to realize immediate value far superior to what the company can plausibly deliver on a standalone basis. As a result, Chernett calls on the Board to: Immediately retain an independent financial advisor and initiate a comprehensive review of strategic alternatives, with a sale of the company as the priority outcome; Aggressively cut executive compensation and G&A expense, as well as suspend incremental standalone spending commitments while that review is conducted; and Publicly commit to a comprehensive process and clear timeline. A sale process launched now, while the company retains cash, momentum in the field, and the strategic scarcity of the only approved neuromodulation therapy for heart failure, will command a far better outcome for shareholders than one forced upon the company as a result of a depleted cash balance a year from now. The Board must move with urgency instead of waiting to be rescued; time is of the essence.

CVRx Announces Devoted Health Coverage for Barostim Therapy

CVRx announced that Devoted Health has issued a Medicare Advantage coverage policy for Barostim therapy, effective July 17. Devoted Health, a national health insurance company with the eighth largest Medicare Advantage enrollment in the U.S., provides coverage to approximately 466,000 Medicare Advantage members across 29 states. The new policy covers Barostim for patients meeting its current FDA-approved indication as well as patients enrolled in the BENEFIT-HF trial, the landmark heart failure study evaluating Barostim in a significantly expanded patient population initiated earlier this year.

CVRx Chief Revenue Officer Robert John Departs, Paul Verrastro Takes Interim Sales Role

CVRx announced that Robert John, chief revenue officer, will depart the company, and that Paul Verrastro will assume the role of interim head of sales, effective immediately. In his new role, Verrastro will lead CVRx's sales organization while the company conducts a search for a permanent successor. Prior to assuming this role, he was most recently chief marketing and strategy officer.