CereVasc announced the successful initial closing of an oversubscribed $85 million Series C financing to support the continued development and commercialization of its eShunt System, a minimally invasive treatment designed for patients with Normal Pressure Hydrocephalus (NPH).
The financing was led by Piper Sandler Merchant Banking and included participation from new investors Johnson & Johnson Innovation – JJDC, Inc., the corporate venture capital arm of Johnson & Johnson, and Medtronic. Existing investors Bain Capital Life Sciences and Perceptive Xontogeny Venture Funds also participated in the round.
The proceeds will be used to advance clinical and regulatory development of the eShunt System, including support for the ongoing STRIDE pivotal trial. The study is a prospective, multicenter, randomized controlled trial evaluating the safety and effectiveness of the eShunt System compared with the current standard of care, the ventriculo-peritoneal (VP) shunt. The trial is intended to support a future Premarket Approval (PMA) submission to the U.S. Food and Drug Administration.
In addition to funding clinical development, the capital will support organizational growth, operational scale-up, regulatory activities, and preparations for future commercialization in the United States.
The company also announced several additions to its Board of Directors. Kevin Conroy joined as Lead Independent Director, Christopher Geyen was appointed independent director and Chair of the Audit Committee, and Tom Schnettler of Piper Sandler Merchant Banking joined the board representing the new Series C investors.
Based in Massachusetts, CereVasc is a clinical-stage medical device company developing minimally invasive treatments for neurological diseases. Its lead product candidate, the eShunt System, utilizes a percutaneous transvenous-transdural approach to the central nervous system and is designed to provide a less invasive treatment option for communicating hydrocephalus. The device remains investigational and has not yet been approved by the FDA or any other regulatory agency for commercial use.
KEY QUOTE:
“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. 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.”
Dan Levangie, Chairman and Chief Executive Officer, CereVasc
