Update to The Bidding Process, Procedures for the Sale of certain Assets and Intellectual Property of Aria CV, Inc.
Further to Gerbsman Partners sales letter on March 12, 2026 regarding the sale of certain assets of Aria CV, Inc. (Aria”), I am attaching Exhibit E – Aria CV prepared Business Plan that provides additional information about the Assets and Intellectual Property of the company. Also, Exhibit F – a “Table of Contents” of information in the Aria data room, which is subject to a “Exhibit A -Confidentiality Agreement” attached. In addition, also attached, Exhibit B, Aria CV Patent Status detail; Exhibit C, Aria CV Trademark detail; Exhibit D, Aria VC Fixed Asset List 12/31/25 and Sales Letter.
Gerbsman Partners has been retained by Aria CV, Inc (“Aria”) to solicit interest in the acquisition of all, or substantially all, of the company’s assets, including its intellectual property, clinical data, device technology, and development infrastructure.
Based in St. Paul, Minnesota, Aria CV was founded in 2010 by Drs. John Scandurra and Karl Vollmers, who were members of a team that invented a novel implantable medical device designed to treat right heart failure due to Pulmonary Hypertension (PH) (“the technology”) during a fellowship at the University of Minnesota’s Earl E. Bakken Medical Devices Center. Independent market analyses estimate that this represents a multi-billion-dollar market opportunity. Since then, the Aria system has been evaluated in 38 human implants across multiple clinical studies.
Aria has raised four rounds of private financing totaling $66 million from venture funds, family offices, and three large U.S.-based medical device companies that participated as strategic investors. The company holds 54 issued patents and four pending patent applications.
Strategic Rationale
Acquisition of Aria provides access to a clinically validated cardiovascular device platform targeting right ventricular dysfunction—an area of growing clinical importance with limited therapeutic options.
The technology may complement existing cardiovascular portfolios relating to PH, left heart failure, mechanical circulatory support (MCS), ADHF and tricuspid valve interventions—while also creating opportunities.
IMPORTANT LEGAL NOTICE:
The information in this memorandum does not constitute the whole or any part of an offer or a contract.
The information contained in this memorandum relating to Aria (defined below) has been supplied by Aria. It has not been independently investigated or verified by Gerbsman Partners or its agents.
Potential purchasers should not rely on any information contained in this memorandum or provided by Aria, or Gerbsman Partners (or their respective staff, agents, and attorneys) in connection herewith, whether transmitted orally or in writing as a statement, opinion, or representation of fact. Interested parties should satisfy themselves through independent investigations as they or their legal and financial advisors see fit.
Aria, Gerbsman Partners, and their respective staff, agents, and attorneys, (i) disclaim any and all implied warranties concerning the truth, accuracy, and completeness of any information provided in connection herewith and (ii) do not accept liability for the information, including that contained in this memorandum, whether that liability arises by reasons of Aria’s or Gerbsman Partners’ negligence or otherwise.
Any sale of the Aria Assets will be made on an “as-is,” “where-is,” and “with all faults” basis, without any warranties, representations, or guarantees, either express or implied, of any kind, nature, or type whatsoever from, or on behalf of Aria or Gerbsman Partners. Without limiting the generality of the foregoing, Aria and Gerbsman Partners and their respective staff, agents, and attorneys, hereby expressly disclaim any and all implied warranties concerning the condition of the Aria Assets and any portions thereof, including, but not limited to, environmental conditions, compliance with any government regulations or requirements, the implied warranties of habitability, merchantability, or fitness for a particular purpose.
This memorandum contains confidential information and is not to be supplied to any person without Aria’s or Gerbsman Partners’ prior consent. This memorandum and the information contained herein are subject to the non-disclosure agreement attached hereto as Exhibit A.
Any and all the assets of Aria CV will be sold on an “as is, where is” basis and will be subject to “The Bidding Process for Interested Buyers”, outlined below.
The Bidding Process for Interested Buyers
Interested and qualified parties will be expected to sign a nondisclosure agreement (attached hereto as Exhibit A) to have access to key members of the management and intellectual capital teams and the due diligence “war room” documentation (the “Due Diligence Access”). Each interested party, as a consequence of the Due Diligence Access granted to it, shall be deemed to acknowledge and represent (i) that it is bound by the bidding procedures described herein; (ii) that it has an opportunity to inspect and examine the Aria Assets and to review all pertinent documents and information with respect thereto; (iii) that it is not relying upon any written or oral statements, representations, or warranties of Aria, Gerbsman Partners, or their respective staff, agents, or attorneys; and (iv) all such documents and reports have been provided solely for the convenience of the interested party, and neither Aria nor Gerbsman Partners (or their respective, staff, agents, or attorneys) makes any representations as to the accuracy or completeness of the same.
Following an initial round of due diligence, interested parties will be invited to participate with a sealed bid, for the acquisition of the Aria Assets. Sealed bids must be submitted so that the bid is actually received by Gerbsman Partners no later than Friday April 10, 2026, at 3:00 p.m. Eastern Standard Time (the “Bid Deadline”). Please email steve@gerbsmanpartners.com with any bid.
Bids should be for all or substantially all of the assets of Aria, and if less than all, should identify those assets being tendered for in a specific and identifiable way. The attached Aria fixed asset list may not be complete, and Bidders interested in the Aria Assets must submit a separate bid for such assets. If bidding for less than all of the assets, bids should be specific as to the assets desired.
Any person or other entity making a bid must be prepared to provide independent confirmation that they possess the financial resources to complete the purchase where applicable. All bids must be accompanied by a refundable deposit check in the amount of $200,000 (payable to Aria CV, Inc.). The winning bidder will be notified within 3 business days after the Bid Deadline. Non-successful bidders will have their deposit returned to them.
Aria reserves the right to, in its sole discretion, accept or reject any bid, or withdraw any or all assets from sale. Interested parties should understand that it is expected that the highest bid will be chosen as the winning bidder and bidders may not have the opportunity to improve their bids after submission.
Aria will require the successful bidder to close within 7 business days. Any or all of the assets of Aria will be sold on an “as is, where is” basis, with no representation or warranties whatsoever.
All sales, transfer, and recording taxes, stamp taxes, or similar taxes, if any, relating to the sale of the Aria Assets shall be the sole responsibility of the successful bidder and shall be paid to Aria at the closing of each transaction.
steve@gerbsmanpartners.com
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