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.
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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.
