Cerevast announces initial closing of Series C round

Redmond, WA-based Cerevast Therapeutics has announced the first closing of a $15 million Series C financing, raising roughly $6.6 million, according to an SEC filing. The financing will help support an 800-patient trial to help it make inroads in Europe, as well as to form the basis for a regulatory sign off in the U.S., as Xconomy notes.

The company is developing a noninvasive treatment for acute ischemic stroke known as sonothrombolysis, or SonoLysis, which uses the acoustic energy from externally applied ultrasound to treat clots in the blood vessels of the brain. The SonoLysis Headframe System is under review for CE Mark approval.

SonoLysis is used to describe the application of ultrasound energy to disrupt blood clots in the vasculature. Clinical studies have demonstrated that the combination of transcranial ultrasound with conventional thrombolytic therapy results in a significant improvement in both vessel recanalization and rate of complete recovery compared with conventional thrombolytic therapy alone, according to the company.

Cerevast was formed in September 2009 after it acquired substantially all of the assets of ImaRx Therapeutics. It has more than 75 issued U.S. patents, 250 foreign issued equivalents, as well as a trove of clinical data, according to its website. 

- see the SEC filing
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