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Aria CV closed a $31 million Series B round of financing. The funds will be used for its first clinical study in the United States
Fremont, CA: Aria CV completed its Series B round of financing of $31 Million to fund its first clinical study in the United States. The company develops medical devices that treat Pulmonary Arterial Hypertension (PAH). Xeraya Capital, a private equity investor whose prime focal point is investments in life sciences and medical technologies, healthcare, biotechnology, and bio-renewables, led the Series B round of funding. Many other investors participated in the financing round, and the list included were Longview Ventures, Catalyst Health Ventures, BioStar Ventures, Cedar Point Capital, Frontcourt Group, and three strategic investors.
The newly raised capital will be utilized for the support of an early feasibility investigational Study. It is developed to monitor and check on long term implants of the Aria CV Pulmonary Hypertension (Aria CV PH ) Systems in PAH patients. The USFDA granted Aria CV PH System the Breakthrough Device Designation, precisely a week before the Series B funding round came to a halt. This title is awarded the intention to expedite the FDA review and approval of designated devices that prove to provide an effective treatment to several life-threatening diseases.
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"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 highly debilitating and progressive disease that, more often than not, leads to heart failure. When implanted, the Aria CV PH System is developed to restore the benefits of a healthy, elastic pulmonary artery. By restoring the health of the same, the cardiac workload is reduced, and blood flow is enhanced. This technology by Aria CV has the potential to boost both duration and quality of life along with 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 a part of the Series B fundraiser, Darshana Zaveri (Catalyst Health Ventures), Maria Berkman (Longview Ventures), Renee Masi (BioStar Ventures), and Dan Gladney, will be accompanied by Jason Rushton as Board of Directors.
Pulmonary hypertension is differentiated by high blood pressure in the arteries that pump blood to the lungs. It is a condition that causes a high workload on the heart, leading to right heart failure. In its most common form, the PAH majorly affects women in the prime of their life. PAH is considered a deadly progressive disease, even with the approved therapy available at present.
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