eShunt System Funding
CereVasc Secures $85 Million Series C to Advance eShunt System Toward FDA Approval
Anonymous
CereVasc, a Boston clinical-stage medical device company focused on minimally invasive neurological treatments, announced an initial closing of an $85 million Series C financing in an over-subscribed round led by Piper Sandler Merchant Banking. New participants included Johnson & Johnson Innovation–JJDC and Medtronic, joined by existing investors Bain Capital Life Sciences and Perceptive Xontogeny Venture Funds, and the company issued convertible preferred stock in the transaction. The proceeds will support continued clinical and regulatory development of its eShunt System, including the ongoing STRIDE pivotal trial in normal pressure hydrocephalus that is set up as a prospective, multi-center randomized controlled study versus the current standard of care, ventriculo-peritoneal shunts. STRIDE results are intended to support a future FDA premarket approval submission, while the company also plans to scale operations and prepare for commercialization. In connection with the financing, CereVasc added Kevin Conroy as lead independent director, Christopher Geyen as an independent director and chair of the audit committee, and Tom Schnettler as a director representing Piper Sandler Merchant Banking. Overall, the company framed the funding as a key step toward enabling a less invasive approach that could improve outcomes for patients with conditions where current options are inadequate.
Key Points
1
CereVasc’s eShunt System uses an “innovative percutaneous transvenous-transdural approach” and is intended to enable what the company describes as “the first minimally invasive treatment for communicating hydrocephalus (CH),” with an endovascularly implantable cerebrospinal fluid shunt plus delivery components designed to treat CH “without invasive surgery.”
2
The company said the eShunt delivery components include a “self-expanding nitinol anchor,” a specific device design detail not included in the summary.
3
Dan Levangie, Chairman and CEO of CereVasc, said the Series C is “a meaningful milestone…for the patients who are living with conditions for which current treatment options remain inadequate,” adding that the funding supports the next critical phase “including PMA submission and preparation for commercial launch.”
4
CereVasc announced the funding round completion timing: it “raised $85 million” in an over-subscribed Series C on June 4, 2026, with board appointments including Kevin Conroy, Christopher Geyen and Tom Schnettler joining as part of the transaction.
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