Cerus Endovascular raised its fundraising goal to $20 million this week after it pushed past its previous $5 million target by about $900,000, according to a regulatory filing.
The Oxford, U.K.-based company is developing the Contour neurovascular system, which is designed to reduce the risk of rupture when treating patients with intracranial aneurysms. The Contour system is an intra-saccular flow diverter and flow disruptor that targets the neck of the aneurysm. Intra-saccular flow diverters divert blood flow from the aneurysm and promote healing, thereby reducing the risk of aneurysm rupture, a main cause of hemorrhagic stroke.
Cerus has raised $8.3 million since January 2017, including $5.9 million in its latest round, begun in January 2018. The company’s filing did not list a use for the proceeds.
Cerus began a prospective, 30-patient, single-arm, multi-center, pre-market trial in Europe in November 2018 to assess the safety of the Contour system. Contour is pre-shaped of fine mesh braid with shape memory properties and is delivered to the aneurysm via an endovascular micro-catheter. Accurate positioning of the device and effective delivery and deployment are important factors in the successful treatment of intracranial aneurysms. The device was designed to be easily positioned and can be re-positioned if warranted. After deployment, it conforms to the wall of the lower hemisphere of the aneurysm and across the neck sealing the neck opening, according to Cerus.
The company also has offices in Fremont, Calif.