Advancing studies of neural network dynamics and developments of closed-loop neural interfaces requires the ability to simultaneously stimulate and record the neural cells. Recording adjacent to or at the stimulation site produces artifact signals that are orders of magnitude larger than the neural responses of interest. These signals often saturate the recording amplifier causing distortion or loss of short-latency evoked responses. This paper proposes a method to cancel the artifact in simultaneous neural recording and stimulation on the same electrode. By combining a novel hardware architecture with concurrent software processing, the design achieves neural signal recovery in a wide range of conditions. The proposed system uniquely demonstrates same-electrode stimulation and recording, with neural signal recovery in presence of stimulation artifact 100 dB larger in magnitude than the underlying signals. The system is tested both in vitro and in vivo, during concurrent stimulation and recording on the same electrode. In vivo results in a rodent model are compared to recordings made by a commercial neural amplifier system connected in parallel.