Although the peripheral nervous system (PNS) is capable of regeneration, these processes are limited. As a potential means to augment PNS regeneration, the effects of cerebrolysin (CL), a proteolytic peptide fraction, were tested in vitro on Schwann cell (SC) proliferation, stress resistance, phagocytic and cluster-forming capacity. Primary SC/fibrocyte co-cultures were prepared from dorsal root ganglia of 5-7-day-old rats. SCs were subjected to mechanical stress by media change and metabolic stress by serum glucose deprivation (SGD). Cell survival was assessed using MTT test. SC proliferation was determined by counting BrdU-labeled cells. SC clustering was studied by ImageJ analysis of S100 immunostaining. Wallerian degeneration (WD) was evaluated by measuring acetylcholine-esterase staining within sciatic nerves in vitro. It was found that CL caused no effect on MTT turnover in the tested doses. CL inhibited SC proliferation in a dose-dependent manner. Media change and additional SGD stress inhibited SC clustering. CL enhanced the reorganization of SC clusters and was able to counteract SGD-induced cluster defects. Moreover, CL accelerated WD in vitro. CL was able to enhance the functions of SCs that are relevant to nerve regeneration. Thus, our findings suggest that CL may be suitable for therapeutic usage to enhance PNS regeneration/reconstruction.