An Orange County-based medical device company announced Tuesday it had secured $40 million in Series E financing from investors, including San Diego-based venture capital firm Domain Associates.
ROX Medical, a privately held clinical-stage company in San Clemente developing technologies for uncontrolled hypertension, said the round was led by Novartis Venture Fund and Apple Tree Partners.
Previous investors Domain, which invests exclusively in the life sciences sector, and Versant Ventures joined the round.
In a statement, Rodney Brenneman, the company’s CEO, called the investment a “significant milestone” for the company.
"We are excited to join this innovative and differentiated effort in the hypertension field,” said Steven Weinstein, managing director at the Novartis Venture Fund, in the statement. “Despite best medical therapy, many patients still have uncontrolled hypertension which contributes to significant morbidity and mortality."
David McIntyre, a partner at Apple Tree Partners, said ROX has the “potential to solve many challenges with their revolutionary device by providing instantaneous and predictable outcomes for patients and physicians.”
Weinstein, McIntyre and Apple Tree Partners’ Sami Hamade will join ROX’s board of directors, the company said.