Cerevast Therapeutics, a Redmond-based biotech company that is developing emergency room treatment for ischemic stroke patients, announced Tuesday that it has raised $10 million in venture capitalist funding.
The company is in the throes of a Phase 3 clinical study for its proprietary Clotbust ER technology, which provides localized ultrasonic treatment for stroke patients.
CEO Brad Zakes said the funding will be used to complete the clinical trial, and upon completion of the trial, move the product into commercialization and global placement. He did not disclose investors’ identities.
According to the American Stroke Association, 87 percent of strokes are ischemic, meaning a clot obstructs blood flow to the brain. Cerevast uses ultrasonic waves to dislodge clots and restore blood flow.
“What our data has shown, is when you add the acoustic energy of ultrasound delivered through our device in combination with the only approved drug … we can break up the clots and restore blood flow to the patients about three times faster and more effectively than the drug used by itself,” Zakes said.
Cerevast’s Clotbust ER is designed to quickly administer ultrasound energy inside the emergency room without needing an ultrasound technician. In the chaos of an emergency room, that convenience can be the difference between a patient receiving ultrasound treatment and not.
“You really need a rapid, easily deployable device that could be implemented very quickly without a lot of operational challenges, and that’s what our device (is positioned) to do,” Zakes said.
The Phase 3 clinical trial is taking place at about 70 locations in 14 countries. The trial is outlined to enroll 800 subjects, but if the interim analysis due this spring shows product success, the trial will end early. If it does not end early, the trial will wrap up in fall 2015.