CereVasc, Inc. Announces Over-Subscribed $85 Million Series C Financing to Advance its Novel eShunt® System for the Treatment of Normal Pressure Hydrocephalus
- Financing led by Piper Sandler Merchant Banking, with participation from new investors Johnson & Johnson Innovation – JJDC, Inc., Johnson & Johnson's corporate venture capital arm, and Medtronic
- Participation by existing investors, including Bain Capital Life Sciences and Perceptive Xontogeny Venture Funds
- Proceeds will support the conclusion of the STRIDE pivotal trial, continued operational scale-up, advancement of regulatory work toward a future Premarket Approval (PMA) submission to the FDA, and preparations for US commercialization
- Board strengthened with addition of Kevin Conroy as Lead Independent Director, Christopher Geyen as Chair of the Audit Committee, and Tom Schnettler representing Series C investors
BOSTON, June 4, 2026 /PRNewswire/ -- CereVasc, Inc., a clinical-stage medical device company developing novel, minimally invasive treatments for neurological diseases, today announced it has successfully completed the initial closing of an $85 million Series C financing. Piper Sandler Merchant Banking led the financing with participation from Johnson & Johnson Innovation – JJDC, Inc., Johnson & Johnson's corporate venture capital arm, and Medtronic, along with 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 to the current standard of care, the ventriculo-peritoneal (VP) shunt, and is intended to support a future Premarket Approval (PMA) submission to the FDA. 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 with the addition of Kevin Conroy as Lead Independent Director, Christopher Geyen as an independent director and Chair of the Audit Committee, 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," said Dan Levangie, Chairman and Chief Executive Officer of CereVasc. "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."
About CereVasc, Inc.
Located in Massachusetts' healthcare hub, CereVasc, Inc. is a clinical-stage medical device company focused on developing novel, 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. For additional information, please visit our website at www.cerevasc.com.
About Piper Sandler Merchant Banking
Piper Sandler Merchant Banking (PSMB) is the growth equity investment arm of Piper Sandler Companies (NYSE: PIPR). 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. Learn more about Piper Sandler Merchant Banking.
The eShunt System is an investigational device and has not been approved by FDA or any other regulatory agency for commercial sale. Its safety and effectiveness have not yet been fully established.
Contacts
Media Contact:
Tiffany Weil
CereVasc, Inc.
tiffanyweil@cerevasc.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/cerevasc-inc-announces-over-subscribed-85-million-series-c-financing-to-advance-its-novel-eshunt-system-for-the-treatment-of-normal-pressure-hydrocephalus-302791507.html
SOURCE CereVasc, Inc.