Magenta Medical – who made waves in the MedTech space when it unveiled the world’s smallest heart pump – has raised $105m to support clinical trials in the US evaluating the technology.
The financing round, led by Novo Nordisk’s investment arm Novo Holdings, adds to the $55m raised in May 2023.
New investors Viking Global Investors and RA Capital Management joined existing investors OrbiMed, New Enterprise Associates, JVC Investment Partners, and ALIVE – Israel HealthTech Fund.
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Israel-headquartered Magenta has already tested its Elevate technology in a first-in-human study and early feasibility study in patients undergoing high-risk percutaneous coronary interventions. Positive safety and efficacy results were presented at the Transcatheter Cardiovascular Therapeutics (TCT) conference in San Francisco, US, in October 2023.
The left ventricular assist device (LVAD) system is a catheter-mounted, self-expanding and retrievable pump that helps the left ventricle take blood into the aorta. It is a temporary device indicated for use in high-risk coronary operations or as emergency use in unstable patients with cardiogenic shock. LVADs are part of a wider group of devices known as multiple mechanical circulatory support, those designed to mechanically unload the failing heart and augment cardiac output in the setting of dangerously low blood pressure.
Magenta said the latest funding would go towards US clinical programmes in multiple mechanical circulatory indications.
“Building on [the early feasibility study], Magenta is now preparing to launch a pivotal study in the US,” the company stated in a press release.
The funding will also be spent on US Food and Drug Administration approval for the device, which has been granted breakthrough device designation in high-risk percutaneous coronary intervention and cardiogenic shock.
The global mechanical circulatory support device market was worth $815m in 2023 and is forecast to grow to $1.3bn by 2033. LVADs represent the biggest market segment by far, with Abbott leading the market, according to analysis by GlobalData.
Novo Holdings US venture investments partner Eric Snyder said: “The Novo Holdings Venture Investment team has been investing in the med tech space since 2003. Magenta meets all of our criteria. The company recently completed a U.S. Early Feasibility Study in high risk-PCI demonstrating their expandable pump, Elevate, can safely be placed and can support cardiac output of an adult.”
“The current financing will support further clinical studies and allow Magenta to secure the first US FDA approval. Recent reports indicate that more than 2 million patients could benefit from improved mechanical circulatory support devices so we are excited to see Magenta advance.”
