CereVasc secures $85M Series C

CereVasc, a clinical-stage medical device company, has successfully completed an initial closing of an $85 million Series C financing. The financing was led by Piper Sandler Companies Merchant Banking, with significant participation from new investors Johnson & Johnson Innovation - JJDC, Inc. and Medtronic, alongside existing investors Bain Capital Life Sciences and Perceptive Xontogeny Venture Funds. The proceeds will be used to fund the conclusion of the STRIDE pivotal trial for CereVasc's eShunt System, scale up operations, advance regulatory work towards a Premarket Approval (PMA) submission to the United States — Food and Drug Administration, and prepare for US commercialization. Additionally, CereVasc strengthened its Board of Directors with the appointments of Kevin Conroy as Lead Independent Director, Christopher Geyen as Chair of the Audit Committee, and Tom Schnettler representing the Series C investors. Dan Levangie, Chairman and CEO of CereVasc, emphasized the importance of this funding for improving patient outcomes for conditions like Normal Pressure Hydrocephalus.