ROX Medical, a privately held clinical-stage medical device company developing technologies for hypertension, announced that it has secured $40m in Series E financing.
Novartis Venture Fund and Apple Tree Partners led the round, joined by previous investors Versant Ventures and Domain Associates.
"This financing is a significant milestone for ROX Medical," commented CEO Rodney Brenneman.
"Building on our best-in-class data published in The Lancet in 2015 we will soon initiate a U.S. pivotal clinical trial of the ROX Coupler therapy for patients in need of alternative solutions for uncontrolled hypertension."
The ROX Medical Coupler is a small stent-like device that creates a connection between the artery and vein in the upper leg with a minimally invasive outpatient procedure. Placement of the Coupler results in an immediate, sustained reduction of blood pressure.
Other device therapies target the sympathetic nervous system, which may only be effective in younger patients and may take extended time to show effect. By contrast, ROX offers a mechanical solution to hypertension, uniquely addressing hypertension caused by stiffening of arteries as a result of aging.
Steven Weinstein, Managing Director at the Novartis Venture Fund, commented: "We are excited to join this innovative and differentiated effort in the hypertension field. Despite best medical therapy, many patients still have uncontrolled hypertension which contributes to significant morbidity and mortality."
David McIntyre, Partner at Apple Tree Partners, added: "ROX has the potential to solve many challenges with their revolutionary device by providing instantaneous and predictable outcomes for patients and physicians. The company is now well-positioned for success in this late clinical phase of development."
David McIntyre and Sami Hamade of Apple Tree Partners and Steven Weinstein of Novartis Venture Fund will join the Board of Directors.