CereVasc Raises $85M in Series C Funding Led by Piper Sandler Merchant Banking

The round also saw participation from new investors Johnson & Johnson Innovation – JJDC, Inc., Medtronic, Bain Capital Life Sciences, and Perceptive Xontogeny Venture Funds.

The company plans to use the funding to support the clinical and regulatory development of its eShunt System, including the ongoing STRIDE pivotal trial for patients with Normal Pressure Hydrocephalus (NPH).

STRIDE is a multi-center clinical trial designed to compare the safety and effectiveness of the eShunt System with the current standard treatment, the ventriculo-peritoneal (VP) shunt. The study is intended to support a future FDA Premarket Approval (PMA) application.

As part of the financing, the company expanded its Board of Directors by appointing Kevin Conroy as Lead Independent Director, Christopher Geyen as an independent director and Chair of the Audit Committee, and Tom Schnettler to represent the new Series C investors.

“This Series C financing is an important milestone for CereVasc and, more importantly, for patients who have limited treatment options today,” said Dan Levangie, Chairman and Chief Executive Officer of CereVasc. “The funding will support the next stage of development for the eShunt System, including regulatory submission and preparations for commercialization.”

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“We are excited to welcome new investors and board members whose experience will help guide the company through its next phase of growth,” he added. We are also grateful for the continued support of our existing partners as we work to bring a minimally invasive treatment option to patients and improve their quality of life.”

About CereVasc, Inc

Based in Massachusetts, CereVasc is a clinical stage medical device company developing minimally invasive treatments for neurological disorders. It's lead product, the eShunt System, is designed to provide a less invasive treatment option for communicating hydrocephalus (CH). The patented eShunt System uses an endovascular approach to implant a cerebrospinal fluid shunt without the need for traditional brain surgery, with the goal of improving treatment outcomes while reducing the risks associated with invasive procedures.

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