CereVasc Raises $85 Million Series C to Advance eShunt System for Normal Pressure Hydrocephalus

Boston-based CereVasc has announced the initial closing of an $85 million Series C financing for the continued clinical and regulatory development of the eShunt System, including the ongoing STRIDE pivotal trial in patients with normal pressure hydrocephalus. The round was led by Piper Sandler Merchant Banking, with participation from new investors Johnson & Johnson Innovation – JJDC, and Medtronic, as well as existing investors Bain Capital Life Sciences and Perceptive Xontogeny Venture Funds.

STRIDE is a prospective, multi-center, randomized, controlled trial designed to evaluate the safety and effectiveness of the eShunt System compared to the current standard of care, the ventriculo-peritoneal (VP) shunt, and is intended to support a future Premarket Approval (PMA) submission to the FDA. CereVasc will also advance organizational growth and operational scale-up as it moves toward commercialization.

Dan Levangie, Chairman and Chief Executive Officer of CereVasc, stated that the Series C financing is a meaningful milestone for the company and will support the next critical phase of the eShunt System, including preparing for a Premarket Approval (PMA) submission and a commercial launch. This will accelerate the path toward minimally invasive surgery, which has the potential to improve patient outcomes and quality of life significantly.