CVRx Inc. said its board is committed to maximizing shareholder value after investor Jorey Chernett publicly questioned the company’s valuation in a letter published Sunday.
The Minneapolis-based medical device company, which develops neuromodulation therapies for cardiovascular diseases, responded to Chernett’s letter via a statement that emphasized the board’s fiduciary duty to evaluate strategic options regularly. CVRx noted it remains open to constructive engagement while pursuing actions consistent with shareholder interests.
In the response, CVRx acknowledged that Barostim, its proprietary implantable therapy, is differentiated by clinical evidence and that its current valuation may not fully reflect the business’s potential. The board reiterated confidence in the company’s fundamentals and strategies aimed at driving Barostim’s growth while managing expenses.
Barostim delivers electrical pulses to baroreceptors in the carotid artery wall and has received FDA Breakthrough Device designation. The therapy is approved for heart failure patients in the U.S. and holds CE Mark approval in the European Economic Area for heart failure and resistant hypertension.
CVRx is listed on the NASDAQ under the ticker CVRX.
