ST. PAUL, Minn.–(–)–Aria CV, Inc., a developer of medical devices treating Pulmonary Arterial Hypertension (PAH), today announced that it has completed a $31 million Series B round of financing to fund its first clinical study in the United States. The financing was led by Xeraya Capital, a private equity and venture investor in life sciences that focuses on medical technologies, healthcare biotechnology, and bio-renewables. Also participating in the financing were Longview Ventures, Catalyst Health Ventures, BioStar Ventures, Cedar Point Capital, Frontcourt Group, and three strategic investors.
The funding will support an Early Feasibility Investigational Study designed to evaluate long term implants of the Aria CV Pulmonary Hypertension System (Aria CV PH System) in PAH patients. The Series B funding close comes just one week after the Aria CV PH System was granted Breakthrough Device Designation by the U.S. Food and Drug Administration (FDA), which is intended to expedite the FDA review and approval of designated devices that may provide more effective treatment of life-threatening diseases.
“We’ve worked with Aria CV for several years and are excited for the opportunity to lead this financing,” said Jason Rushton, Partner at Xeraya Capital. “There is an unmet clinical need with patients suffering from pulmonary arterial hypertension, and we are impressed with the promising results the Aria CV PH System has demonstrated. We look forward to being a supportive partner.”
PAH is a progressive and highly debilitating disease that often leads to heart failure. The implanted Aria CV PH System is designed to restore the benefits of a healthy, elastic pulmonary artery, which in turn reduces cardiac workload and enhances blood flow. This technology has the potential to improve both duration and quality of life as well as healthcare economics.
“Aria CV is now well positioned to drive our clinical research forward,” said Dan Gladney, CEO and President of Aria CV. “We are grateful for this validation by our investors and remain committed to bringing this innovative treatment option to PAH patients.”
As part of this financing, Jason Rushton will join Darshana Zaveri (Catalyst Health Ventures), Maria Berkman (Longview Ventures), Renee Masi (BioStar Ventures) and Dan Gladney, on the Board of Directors.
About Pulmonary Hypertension
Pulmonary hypertension is characterized by high blood pressure in the arteries of the lungs, a condition which causes increased workload on the heart, leading to right heart failure. In a common form of the disease, Pulmonary Arterial Hypertension affects mostly women often in the prime of life. Even with currently approved therapy, it is considered a deadly progressive disease.
About Aria CV, Inc.
Based in St. Paul, Minnesota, Aria CV was founded in 2010 by Drs. John Scandurra and Karl Vollmers, following development work the two had done at the University of Minnesota’s Earl E. Bakken Medical Devices Center. Aria has performed a successful acute first in human clinical study in Vienna, Austria and is now preparing for a U.S. clinical trial under the FDA’s Early Feasibility Study Program to evaluate long term implants in PAH patients.