Cerevasc announced today it has successfully completed the initial closing of an US$85 million Series C financing led by Piper Sandler Merchant Banking with participation from Johnson & Johnson (J&J) Innovation, and Medtronic, along with existing investors Bain Capital Life Sciences and Perceptive Xontogeny Venture Funds.
Proceeds from the financing will fund continued clinical and regulatory development of Cerevasc’s eShunt system, including the ongoing STRIDE pivotal trial in patients with normal-pressure hydrocephalus (NPH). STRIDE is a prospective, multicentre randomised controlled trial designed to evaluate the safety and effectiveness of the eShunt system compared to the current standard of care—the ventriculoperitoneal (VP) shunt—and is intended to support a future premarket approval (PMA) submission to the US Food and Drug Administration (FDA).
The company will also advance organisational growth and operational scale-up as it moves toward commercialisation, as stated in today’s press release.
In conjunction with this closing, Cerevasc says it has strengthened its board of directors with the addition of Kevin Conroy as lead independent director, Christopher Geyen as an independent director and chair of the audit committee, and Tom Schnettler of Piper Sandler Merchant Banking representing the new Series C investors.
“This Series C financing is a meaningful milestone for Cerevasc and, more importantly, for the patients who are living with conditions for which current treatment options remain inadequate,” said Dan Levangie, chairman and chief executive officer (CEO) of Cerevasc. “This funding supports the next critical phase for the eShunt system, including PMA submission and preparation for commercial launch, accelerating our path toward a minimally invasive surgery that we believe has the potential to meaningfully improve patient outcomes and quality of life. We are delighted to welcome a slate of new investors and directors whose experience and conviction will help guide Cerevasc through this next phase of growth, and we remain deeply grateful for the continued support of our existing partners.”
