Medical device company Aria CV has completed a $31m Series B financial round to fund its first clinical study in the US.
The funding round was led by private equity firm Xeraya Capital and has seen participation from Longview Ventures, Catalyst Health Ventures, BioStar Ventures, Cedar Point Capital, Frontcourt Group and three strategic investors.
Proceeds from the round will support the firm’s Early Feasibility Investigational Study, which will evaluate long term implants of the Aria CV Pulmonary Hypertension System (Aria CV PH System) in patients suffering from pulmonary arterial hypertension (PAH).
The funding round comes just a week after Aria CV PH System received Breakthrough Device Designation from the US Food and Drug Administration (FDA).
The designation is intended to speed up the FDA review and approval of the device.
Xeraya Capital partner Jason Rushton said: “We’ve worked with Aria CV for several years and are excited for the opportunity to lead this financing.”
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“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 considered a debilitating disease that can lead to heart failure.
Aria CV PH System aids and restores a health pulmonary artery by bringing down the cardiac workload and increasing blood flow.
The system has the potential to offer improvement in both the quality and duration of life while being economical.
Aria CV CEO and president Dan Gladney said: “Aria CV is now well-positioned to drive our clinical research forward. We are grateful for this validation by our investors and remain committed to bringing this innovative treatment option to PAH patients.”