CereVasc Collects $85 Million in Series C Financing Round

CereVasc Inc. has successfully completed an $85 million oversubscribed Series C financing led by Piper Sandler Merchant Banking, with participation from Johnson & Johnson Innovation – JJDC Inc.—Johnson & Johnson’s corporate venture capital arm—and Medtronic, as well as existing investors Bain Capital Life Sciences and Perceptive Xontogeny Venture Funds.

Proceeds from the financing will fund continued clinical and regulatory development of CereVasc’s eShunt System, including the ongoing STRIDE pivotal trial in patients with Normal Pressure Hydrocephalus (NPH). STRIDE is a prospective, multi-center, randomized, controlled trial designed to evaluate the safety and effectiveness of the eShunt System compared with the current care standard, the ventriculo-peritoneal (VP) shunt, and is intended to support a future U.S. Food and Drug Administration (FDA) Premarket Approval (PMA) submission. The company will also advance organizational growth and operational scale-up as it moves toward commercialization.

In conjunction with the closing, the company strengthened the Board of Directors by adding Kevin Conroy as lead independent director, Christopher Geyen as an independent director and Audit Committee chair, and Tom Schnettler of Piper Sandler Merchant Banking representing the new Series C investors.

“This Series C financing is a meaningful milestone for CereVasc, and more importantly, for the patients who are living with conditions for which current treatment options remain inadequate,” CereVasc Chairman/CEO Dan Levangie said. “This funding supports the next critical phase for the eShunt System, including PMA submission and preparation for commercial launch—accelerating our path toward a minimally invasive surgery that we believe has the potential to meaningfully improve patient outcomes and quality of life. We are delighted to welcome a slate of new investors and directors whose experience and conviction will help guide CereVasc through this next phase of growth, and we remain deeply grateful for the continued support of our existing partners.”

Located in Massachusetts’ healthcare hub, CereVasc Inc. is a clinical-stage medical device company developing minimally invasive treatments for patients with neurological diseases. Its initial product, the eShunt System, employs an innovative percutaneous transvenous-transdural approach to the central nervous system and is intended to enable the first minimally invasive treatment for communicating hydrocephalus (CH). The patented eShunt System includes an endovascularly implantable cerebrospinal fluid shunt and delivery components designed to treat CH without invasive surgery.

Piper Sandler Merchant Banking (PSMB) is the growth equity investment arm of Piper Sandler Companies. The PSMB team strives to partner with founders and management teams of high-potential businesses that can benefit by leveraging Piper Sandler’s knowledge, experience, capital, and relationships to build market-leading enterprises. PSMB provides investment advisory services through the affiliated registered investment adviser, PSC Capital Partners LLC.

* The eShunt System is an investigational device and has not been approved by FDA or any other regulatory agency for commercial sale.