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 activity that the company needs in the coming years.
The company successfully completed its first clinical trial in leading US centers over the past year and has presented its results in several international conferences. The company is now preparing for its advanced clinical trial in order to receive FDA marketing approval. Magenta Medical was founded in 2012 by experienced entrepreneurs Prof.
Ehud Schwammenthal and Dr. Yosi Tuva who had previously founded heart valve developer Ventor, which was sold to Medtronic in 2009 for $350 million. Initially the company focused on developing a pump designed for the kidneys, for the treatment of patients suffering from acute heart failure.
However, Magenta decided to change direction due to the understanding that the time it would take to reach the final result, as well as to receive the required regulatory approvals, would be longer than expected. Moreover, the pump intended for the kidneys was the first of its kind in the world, making it more difficult for the medical devices market to adopt. A similar existing product would have further undermined its economic value.
RELATED ARTICLES Heart pump co Magenta Medical raises $55m "We took the company's core technologies, which is, as mentioned, the miniaturized pump, and decided to target it on the heart," Dr. Israeli tells Globes. "We came to the conclusion that the ability to bring such a product to market is nearer and more immediate.
" The company’s current Elevate product, is a miniaturized blood pump that can be inserted into the arteries when folded, through minimally invasive surgery through the groin. Inside the heart, the pump opens up and becomes a tiny and powerful device. Thus the device can be inserted into the body in a percutaneous procedure, and relatively low risk.
The purpose of the pump is, among other things, to provide support during acute events of decreased heart function, in situations of low blood pressure and disturbed blood flow to the vital organs. According to Magenta, medical equipment for mechanical heart support is a high growth market. Published by Globes, Israel business news - en.
globes.co.il - on July 23, 2024.
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