SAINT PAUL, MN — July 24, 2015 — Aria CV, Inc., a developer of medical devices treating pulmonary hypertension, a serious condition that may lead to heart failure, today announced the closing of a $7.8 million Series A preferred equity financing. The financing round was led by Catalyst Health Ventures and includes Broadview Ventures, BioStar Ventures, Cedar Point Capital, and a strategic investor. The proceeds from this financing will be used to advance development and perform clinical testing of the device.
“Even with optimal therapy, pulmonary hypertension is still a progressive disease with a poor prognosis,” said John Scandurra DVM, Aria CV’s president and CEO, “Our expert cardiologists believe Aria CV’s device has the potential to improve both the quality and duration of life of patients suffering from the disease.”
Dr. Scandurra will be joined by Darshana Zaveri, general partner at Catalyst Health Ventures, Renee Masi, managing director at BioStar, and Dan Gladney, an experienced medtech executive, on the company’s board of directors.
Darshana Zaveri added, “Catalyst believes Aria’s unique and proprietary solution to this devastating disease fills a tremendous unmet need and fits perfectly with CHV’s investment strategy of supporting breakthrough medical technologies addressing large markets.”
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 the classic form of the disease, pulmonary hypertension affects mostly women often in the prime of life.
About Aria CV
Aria CV was founded in 2010 by Drs. John Scandurra and Karl Vollmers, formerly Fellows at the University of Minnesota’s Medical Devices Center. Aria has an exclusive license to certain patents from the University of Minnesota. Aria CV’s device has the potential to improve outcomes by reducing the workload on the right side of the heart.
About the Investors
Catalyst Health Ventures is a Boston-based venture capital firm investing in disruptive solutions for global, unmet healthcare needs. Since 2000, Catalyst has been investing in passionate entrepreneurs developing game-changing technologies, partnering with them at the earliest stages of a company’s creation.
The mission of Broadview Ventures is to accelerate the development of promising technology in cardiovascular and neurovascular disease through targeted investments in and support of early stage ventures.
BioStar Ventures represents a unique collaboration between seasoned venture capitalists – the firm’s managing directors – and practicing clinicians with global reputations as medical thought leaders, who serve the firm as medical venture partners.
Cedar Point Capital of Minneapolis, MN is a boutique investment firm specializes in funding early stage medical technology companies based in the Twin Cities.