CereVasc Announces $70 Million Series B Financing to Advance its Novel eShunt® System for the Treatment of Normal Pressure Hydrocephalus
- Proceeds to support the clinical development of the eShunt System including the recently approved pivotal trial in Normal Pressure Hydrocephalus
- Financing co-led by Bain Capital Life Sciences and existing investor Perceptive Xontogeny Venture Fund
BOSTON, May 13, 2024 /PRNewswire/ — CereVasc, Inc., a clinical-stage, medical device company developing novel treatments for neurological diseases, announced today it has successfully completed the initial closing of a $70 Million Series B financing. The financing 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 CereVasc’s eShunt System, including its upcoming STRIDE pivotal study in patients with Normal Pressure Hydrocephalus. STRIDE is a multi-center, randomized 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 FDA.
“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,” said Dan Levangie, Chairman & CEO of CereVasc. “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. We look forward to partnering with Dan and his team to bring this potential breakthrough technology to the global market,” said Mr. Greif.
Piper Sandler served as the Company’s financial advisor for the Series B transaction.
About CereVasc, Inc.
Located in Massachusetts’ healthcare hub, CereVasc, Inc., is a clinical stage, medical device company focused on the development of novel, minimally invasive treatments for patients with neurological diseases. Its initial product, the eShunt System, encompasses first-ever, groundbreaking percutaneous transvenous-transdural access to the central nervous system intended to allow the first minimally invasive treatment for communicating hydrocephalus (CH), a potential improvement to the current standard of care. The eShunt device concept originated from Tufts Medical Center physicians Carl Heilman, MD, Neurosurgeon-in-Chief and Chair of Neurosurgery, and Adel Malek, MD, PhD, Chief of Neurovascular Surgery and Director of Endovascular Neurosurgery. The patented eShunt System includes an endovascularly implantable cerebral spinal fluid shunt and delivery components, which are designed to treat CH without invasive surgery. For additional information, please visit our website at www.cerevasc.com.
The eShunt® Device is an investigational device and not available for sale within or outside the United States.
Company Contacts:
DJ Cass
CereVasc, Inc.
djcass@cerevasc.com