The company has developed a miniature heart pump that can be inserted into the body through minimally invasive surgery. Israeli miniature heart pump developer Magenta Medical has today announced the completion of a $105 million financing round led by Novo Holdings with new investors Viking Global Investors and RA Capital Management, and existing investors OrbiMed, New Enterprise Associates (NEA), JVC Investment Partners, and ALIVE - Israel HealthTech Fund, also participated in this round. This is Magenta’s fifth financing round, with the company raising $55 million in its most recent financing round last year.
With offices and laboratories in Kadima Tzoran, Magenta has now raised more than $200 million. The company said the financing will be used to advance its US clinical programs in multiple mechanical circulatory support (MCS) indications and to secure FDA marketing approval for its Elevate small heart pump system in patients undergoing high-risk percutaneous coronary interventions (HR-PCI). Magenta Medical CEO Dr.
David Israeli told "Globes," "Since the most recent financing round we have successfully completed a feasibility trial. Ahead of us is a much bigger trial which will represent the infrastructure for approval and sales of our product. This trial requires resources as well expansion of the company in the US and so we have created the conditions in which the investors have been convinced that there is good feasibility as well as allowing us the horizon of activit.