Aria CV, Inc., a St. Paul, Minn.-based developer of medical devices treating Pulmonary Arterial Hypertension (PAH), completed a $31m Series B round of financing.
The round was led by Xeraya Capital, with participation from Longview Ventures, Catalyst Health Ventures, BioStar Ventures, Cedar Point Capital, Frontcourt Group, and three strategic investors. 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.
The company intends to use the funds to conduct the first clinical study in the United States designed to evaluate long term implants of the Aria CV Pulmonary Hypertension System (Aria CV PH System) in PAH patients.
The round was closed 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.
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, and led by Dan Gladney, CEO and President, Aria CV has performed an acute first in human clinical study in Vienna, Austria and is now preparing for the U.S. clinical trial under the FDA’s Early Feasibility Study Program to evaluate long term implants in PAH patients.