Magenta Medical announced today that it closed a $105 million financing round to support Elevate, its miniature heart pump technology.
Novo Holdings led the financing round. New investors Viking Global Investors and RA Capital Management, along with existing investors OrbiMed, New Enterprise Associates (NEA), JVC Investment Partner, and Alive – Israel HealthTech Fund, also participated.
The latest funding adds to $55 million raised in a financing round last year.
Kadima, Israel-based Magenta plans to use the funds to advance its clinical programs for multiple mechanical circulatory support (MCS) indications. It hopes to secure the first FDA approval for Elevate in patients undergoing high-risk percutaneous coronary interventions (HR-PCI).
Magenta’s high-flow, low-profile device holds a duo of FDA breakthrough device designations. The agency deemed it a breakthrough option for high-risk percutaneous coronary intervention and cardiogenic shock. Magenta completed a first-in-human study in Tbilisi, Georgia, and presented results in 2022. Last August, it completed enrollment in an early feasibility study for the pump.
Now, the company plans to launch a pivotal study in the U.S.
“Magenta is thrilled to add these exceptional MedTech investors to its mission of disrupting the MCS space,” said Magenta CEO Dr. David Israeli. “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.”
More about the Magenta Medical Elevate heart pump
Magenta designed its pump as a miniaturized, powerful percutaneous left ventricular assist device (LVAD). It fits into a 9 Fr delivery system, making it the smallest crimping profile of any such device.
Elevate first folds and then goes percutaneously through a small puncture in the groin to accommodate a 10 Fr introducer sheath. Fully sheathed, the pump goes to the heart, over a guidewire, through the aorta and across the aortic valve.
Prior to activation, the device self-expands inside the heart, with pump flow adjusted based on the patient’s circumstances. Adjustments can go up to the entire cardiac output of an adult (> 5 L/min of mean flow at physiological blood pressures). According to Magenta, this allows the heart to rest and the patient to recover.
Peak flows with Elevate exceed 8 L/min, which Magenta says makes its pump the most powerful known percutaneous pump.
“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,” Israeli added.
