Malaysian private equity firm Xeraya Capital has led the $31-million Series B round of financing in US-based developer of medical devices Aria CV Inc, according to a press statement.
The financing is expected to fund the first clinical study of Aria’s medical device treating pulmonary arterial hypertension (PAH) in the US.
Longview Ventures, Catalyst Health Ventures, BioStar Ventures, Cedar Point Capital, Frontcourt Group, as well as three strategic investors too participated in the round.
Following the Series B funding, Aria CV will design an early feasibility investigational study to evaluate long term implants of the Aria CV Pulmonary Hypertension System (Aria CV PH System) in PAH patients.
Prior to the closing of Series B funding, 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.
According to the press statement, PAH is a progressive and highly debilitating disease that often leads to heart failure. The implanted Aria CV PH System is designed to restore the benefits of a healthy, elastic pulmonary artery, which in turn reduces cardiac workload and enhances blood flow. This technology has the potential to improve both the duration and quality of life as well as healthcare economics.
Following the round, Xeraya Capital partner Jason Rushton will join Aria CV’s board as a director.
Earlier this month, DealStreetAsia reported that Xeraya Capital was targeting to raise $400 million for its fourth fund, Xeraya Opportunity Fund (XoF). The vehicle is aiming to reach its final close in the next two years, while the first close is targeted at around $100 million at the end of 2020.
Xeraya Capital is owned by Malaysian sovereign wealth fund Khazanah Nasional Bhd with a mandate to focus on the life sciences sector.