Magenta Medical, developer of the Elevate heart pump, has closed a US$105 million financing round led by global healthcare investment firm Novo Holdings.
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.
The financing will be used to advance the company’s US clinical programmes in multiple mechanical circulatory support (MCS) indications and to secure the first US Food and Drug Administration (FDA) approval for the Elevate system in patients undergoing high-risk percutaneous coronary interventions (HR-PCI).
“Magenta’s technology stands at the forefront of innovation in the MCS field and has the potential to significantly improve outcomes in patients with severe cardiovascular conditions,” said Eric Snyder, partner, venture investments, Novo Holdings US. “We look forward to supporting Magenta’s team in bringing better care to even more patients in need of mechanical circulatory support.”
Magenta Medical’s CEO, David Israeli, said: “Magenta is thrilled to add these exceptional MedTech investors to its mission of disrupting the MCS space. Together with our existing partners, we are fortunate to have brought together a world-class group of investors that has both the resources and expertise to shepherd Magenta through regulatory approvals and commercial growth.”
MCS is one of the fastest growing markets in interventional cardiology, Magenta Medical said in a press release. 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.
Unmet clinical needs in MCS revolve around the ability to provide full cardiac support with a single device and a truly percutaneous and minimally-invasive placement procedure.
Elevate is designed to meet those needs, while overcoming the significant limitations of existing temporary MCS devices, Magenta Medical’s press release adds. The system was granted breakthrough device designation by the US FDA for two clinical indications: HR-PCI and cardiogenic shock (CS).
Magenta completed a US early feasibility study with the HR-PCI indication in 2023. The results were presented at the 2023 Transcatheter Cardiovascular Therapeutics (TCT 2023, 23–26 October, San Francisco, USA) by Perwaiz Meraj (North Shore University Hospital, Manhasset, USA). Building on this study, Magenta is preparing to launch a pivotal study in the USA.
