Cerevasc announced recently that it has successfully completed the initial closing of a US$70 million Series B financing, which was jointly led by Bain Capital Life Sciences and existing investor Perceptive Xontogeny Venture Fund (PXV), with additional participation from other existing investors.
Proceeds from the financing will be used to support the clinical and regulatory development of the company’s novel eShunt system—including its upcoming STRIDE pivotal study involving patients with normal-pressure hydrocephalus. STRIDE is a multicentre randomised controlled trial that will assess the safety and efficacy of the eShunt system compared to the current standard-of-care ventriculo-peritoneal (VP) shunt and serve as the basis for a future premarket approval (PMA) submission to the US Food and Drug Administration (FDA).
Earlier this month, Cerevasc announced that it had received investigational device exemption (IDE) approval from the US FDA to initiate the STRIDE trial, with Charles Matouk (Yale New Haven Health, New Haven, USA) serving as the study’s principal investigator.
“I am thrilled to participate in and lead the STRIDE study,” said Matouk. “Our experience with the eShunt system in pilot clinical studies has been extremely encouraging and I believe the STRIDE study has the potential to provide us the information we need to begin more widespread use of the eShunt system.”
“We are thrilled to partner with this premier group of investors who support our vision and novel approach to bringing an innovative treatment for hydrocephalus to the market,” added Dan Levangie, chairman and chief executive officer of Cerevasc, discussing the company’s recent Series B financing. “Their commitment is a testament to the clinical progress we have made with the eShunt system, and to the potential we have to transform hydrocephalus treatment. We are now well positioned to execute our pivotal clinical trial in advance of regulatory approvals.”
In conjunction with the financing, Evan Greif, a vice president at Bain Capital Life Sciences, will join Cerevasc’s board of directors.
“Cerevasc has a distinct opportunity to dramatically improve the care of patients with hydrocephalus,” said Greif. “We look forward to partnering with Dan and his team to bring this potential breakthrough technology to the global market.”
In a press release, Cerevasc notes that the eShunt system is currently an investigational device and is not available for sale within or outside the USA.
