Hydrocephalus treatment developer CereVasc announced today that it closed an expanded Series A financing round, raising a total of $43.9 million.
The Perceptive Xontogeny Venture (PXV) Fund and ATON Partners led the funding round, according to a news release.
CereVasc intends to use the raised proceeds to support the first-in-human clinical trial for its eShunt system, along with follow-up for clinical studies to support regulatory approvals. The first study is expected to start enrollment during the second half of this year.
The Boston-based company touts its eShunt system as the first minimally invasive cerebrospinal fluid shunt and delivery technology designed to avoid the need for invasive surgery and extended hospitalization associated with the current surgical treatment of hydrocephalus.
“With this financing, we are well-positioned to drive the development of our eShunt System forward as we strive to improve care for patients with hydrocephalus,” CereVasc chairman & CEO Dan Levangie said in the release. “We believe our first-in-human study will demonstrate the safety and effectiveness of the eShunt system and will set us on a path to achieve regulatory clearance in important markets.”