Global healthcare investment firm Novo Holdings led a $105 million fundraising round for Magenta Medical, the company behind the world’s smallest heart pump, Elevate.
In this round, current investors OrbiMed, New Enterprise Associates (NEA), JVC Investment Partners, and ALIVE – Israel HealthTech Fund joined along with new investors Viking Global Investors and RA Capital Management.
Magenta employs 84 people and has its headquarters in Kadima. It brought its investment total to $183 million as of right now.
The funds will be utilised to get the first FDA approval for the Elevate System in patients undergoing high-risk percutaneous coronary interventions (HR-PCI) and to further the company’s clinical studies in the United States in a number of mechanical circulatory support (MCS) applications.
“MCS is one of the fastest growing markets in interventional cardiology. It encompasses devices designed to mechanically unload the failing heart and augment cardiac output in the setting of dangerously low blood pressure, providing a bridge to recovery over a period of hours to days,” said Magenta Medical’s CEO, Dr. David Israeli.
Magenta’s patented technology shrinks a potent percutaneous Left Ventricular Assist Device to fit into a 9 Fr delivery system, the smallest crimping profile.
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After folding, the Elevate pump is percutaneously implanted through a tiny groin puncture to accommodate a commercially available 10 Fr introducer sheath. Full-sheathed pump is administered through a guidewire, aorta, and aortic valve.
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The device self-expands inside the heart before activation, and the pump flow is regulated based on the patient’s clinical conditions up to an adult’s cardiac output (> 5 L/min of mean flow at physiological blood pressures). This rests the heart and heals the sick.
Dr. Israeli noted, “Magenta’s technology will potentially enable physicians to rely on a single device to treat the full spectrum of MCS indications and is expected to eliminate the need to escalate therapy to a different device and subject patients to unnecessary and invasive replacement procedures.”
About Magenta Medical
Magenta‘s self-expanding impellers and pump heads are being used to create miniaturised catheter-mounted axial flow-pumps for mechanical circulatory support. The next-generation low-profile arterial pump, the percutaneous Left Ventricular Assist Device (pLVAD), supports high-risk coronary procedures and cardiogenic shock patients temporarily.
