Pulmonary arterial hypertension (PAH) treatment developer Aria CV announced today that it completed a $31 million Series B financing round.
The proceeds from the round, led by private equity and venture investor Xeraya Capital, are earmarked for funding St. Paul, Minn.–based Aria CV’s first U.S. clinical study.
Aria CV’s early feasibility investigational study is set out to evaluate long-term implants of the company’s pulmonary hypertension (PH) system for people with PAH. Earlier this month, Aria CV won breakthrough device designation from the FDA for its PH system.
The PH system is designed to restore the benefits of a healthy, elastic pulmonary artery. The restoration should lead to reduced cardiac workload and enhance blood flow, potentially improving both the duration and quality of life.
“Aria CV is now well-positioned to drive our clinical research forward,” Aria CV president & CEO Dan Gladney said in a news release. “We are grateful for this validation by our investors and remain committed to bringing this innovative treatment option to PAH patients.”
Other participants in the funding round included Longview Ventures, Catalyst Health Ventures, BioStar Ventures, Cedar Point Capital, Frontcourt Group and three more unnamed strategic investors. As a result, Jason Rushton (Xeraya Capital), Darshana Zaveri (Catalyst Health Ventures), Maria Berkman (Longview Ventures) and Renee Masi (BioStar Ventures) are set to join Aria CV’s board of directors.