- 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
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SOURCE CereVasc, Inc.