CereVasc announced today that it completed the initial closing of its Series B funding round worth $70 million.
Bain Capital Life Sciences and existing investor Perceptive Xontogeny Venture Fund (PXV) jointly led the financing. Other existing investors also participated.
The Boston-based company plans to use the funds to support the clinical and regulatory development of its eShunt system. That includes its upcoming STRIDE pivotal study, which the FDA said may begin just last week. The study compares eShunt to the ventriculo-peritonal (VP) shunt, the current standard of care for treating treating normal pressure hydrocephalus.
eShunt offers a minimally invasive treatment with the potential to result in benefits over the current gold-standard treatment, according to CereVasc. It includes an endovascularly implantable cerebral spinal fluid (CSF) shunt and delivery components. CereVasc initiated a pilot study of its eShunt system under IDE in August 2022. Last September, it picked up a separate IDE supplement for a study of the next-generation eShunt system.
The company plans to use the trial’s results to submit for FDA premarket approval.
“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, chair & 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.”
