Sam Brusco, Associate Editor05.14.24
CereVasc, a clinical-stage company developing novel neurological disease treatment, has closed a $70 million Series B financing. It was jointly led by Bain Capital Life Sciences and existing investor Perceptive Xontogeny Venture Fund (PXV), with further participation from other existing investors.
The company said proceeds will support clinical and regulatory development of its eShunt system. This includes its upcoming STRIDE pivotal study of normal pressure hydrocephalus patients. The trial was granted investigational device exemption (IDE) approval from the U.S. Food and Drug Administration (FDA) last week.
eShunt is the first percutaneous transvenous-transdural access to the central nervous system intended to allow the first minimally invasive treatment for communicating hydrocephalus. Its concept originated from Tufts Medical Center physicians Carl Heilman, MD, Neurosurgeon-in-Chief and Chair of Neurosurgery, and Adel Malek, MD, Ph.D., Chief of Neurovascular Surgery and Director of Endovascular Neurosurgery.
The patented eShunt System includes an endovascularly implantable cerebral spinal fluid shunt and delivery components.
The STRIDE trial is comparing eShunt to the standard of care ventriculo-peritoneal (VP) shunt and will support a future premarket approval (PMA) submission to the U.S. Food and Drug Administration (FDA), CereVasc said.
"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 and 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."
The company said proceeds will support clinical and regulatory development of its eShunt system. This includes its upcoming STRIDE pivotal study of normal pressure hydrocephalus patients. The trial was granted investigational device exemption (IDE) approval from the U.S. Food and Drug Administration (FDA) last week.
eShunt is the first percutaneous transvenous-transdural access to the central nervous system intended to allow the first minimally invasive treatment for communicating hydrocephalus. Its concept originated from Tufts Medical Center physicians Carl Heilman, MD, Neurosurgeon-in-Chief and Chair of Neurosurgery, and Adel Malek, MD, Ph.D., Chief of Neurovascular Surgery and Director of Endovascular Neurosurgery.
The patented eShunt System includes an endovascularly implantable cerebral spinal fluid shunt and delivery components.
The STRIDE trial is comparing eShunt to the standard of care ventriculo-peritoneal (VP) shunt and will support a future premarket approval (PMA) submission to the U.S. Food and Drug Administration (FDA), CereVasc said.
"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 and 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."