Magenta Medical, the heart failure solutions developer based on proprietary miniaturized blood pump technology announced they have raised funds Monday in a round led by global venture capital firm New Enterprise Associates (NEA.)
No financial details of the round were disclosed, but the round is said to be NEA’s first-ever life sciences investment in Israel, according to a statement from the company.
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Additional participation in the round came from existing investors like Pitango Venture Capital, JVC Investment Partners, and a group of private investors led by Prof. Jacques Seguin (CoreValue, ReCor.)
The funds will be used to advance the development of the firm’s two products, and support the company’s journey towards approval by the US Food and Drug Administration (FDA.)
Magenta Medical was founded in 2012 by two serial entrepreneurs, Professor Ehud Schwammenthal and Yosi Tuval, who previously founded Ventor Technologies, a medical device company that was acquired by Medtronic for $325 million in 2009. Magenta Medical’s medical technology “aims to improve the outcomes of patients admitted with acute heart failure, whether they suffer from cardiogenic shock or from volume overload and systemic congestion,” a statement said.
“Acute heart failure constitutes a heterogenous family of clinical syndromes and presents an increasing treatment challenge to caregivers and clinical teams,” said Dr. David Israeli, CEO of Magenta Medical. “We believe that there has never been a more critical time to develop technologies that bring real and sustained benefits to patients suffering from heart failure. We have great aspirations for our technology and know that the depth of knowledge and resources around the table, led by NEA and Pitango, puts us on a path to achieve great success in the coming years.”
Magenta Medical has developed the Transcatheter Renal Venous Decongestian System, a device that selectively reduces renal venous pressure to mechanically unload the kidneys, improve renal perfusion, and function as well as promote fluid and sodium removal. The device has been successfully tested in a human feasibility study and the company is working on a next-generation device.
The company’s second product is for patients undergoing high-risk coronary interventions and admitted patients with cardiogenic shock, a severe manifestation of acute heart failure where the failing left ventricle is unable to adequately deliver blood, oxygen, and nutrients to vital organs. Magenta Medical’s device, a percutaneous Left Ventricular Assist Device (pLVAD), is a miniaturized catheter-mounted arterial pump that moves blood from the left ventricle into the aorta, unloading the failing left ventricle for hours to days and serving as a robust bridge-to-recovery.
“We are extremely pleased to have Magenta Medical as our first-ever medical technology investment in Israel, as it represents to us the pivotal role Israeli companies play in global life sciences innovation,” said Dr. Josh Makower, general partner and head of MedTech investing at NEA.
“Magenta Medical is developing a very unique and potentially disruptive technology that should greatly advance the field of mechanical circulatory support,” said Dr. Tak Cheung, principal at NEA. “We are thrilled to partner with the Magenta team to build a highly effective and valuable enterprise.”
Dr. Cheung joined the company’s Board of Directors.