Jorey Chernett, founder of Pointillist Family Office and beneficial owner of more than 5.5% of outstanding shares of CVRx, Inc. (NASDAQ: CVRX), has delivered a letter to the CVRx board of directors urging it to launch a formal process to sell the company to a strategic acquirer.

In the letter, Chernett argues that CVRx's Barostim product would be valuable to a large medical device company and that a sale could be accretive to an acquirer within twelve months. He contends that a sale would allow CVRx shareholders to realize value that the company cannot deliver on a standalone basis.

Chernett's letter calls on the board to take three specific steps: retain an independent financial advisor and initiate a review of strategic alternatives with a sale as the priority outcome; cut executive compensation and general and administrative expenses while suspending incremental standalone spending during that review; and publicly commit to a comprehensive process and clear timeline.

The letter states that a sale process launched while the company retains cash would produce a better outcome for shareholders than one initiated after a depleted cash balance. CVRx's Barostim is described in the letter as the only approved neuromodulation therapy for heart failure.

The letter was issued from Bloomfield Hills, Michigan, according to the press release.