Magenta Medical Closes Funding Round

May 3, 2023—Magenta Medical announced a $55 million financing round that will be used, in part, to advance the clinical programs of the company’s percutaneous left ventricular assist device (pLVAD) in the United States toward FDA approval for temporary mechanical circulatory support (MCS).

According to Magenta, the company’s technology miniaturizes the pLVAD to fit an 8-F delivery system. The pump is inserted percutaneously over a guidewire, through the aorta, and across the aortic valve, using commercially available 10-F introducer sheaths. Once deployed inside the heart, the speed of the pump can be adjusted to provide > 5 L/min of mean blood flow at physiological blood pressures, allowing the heart to rest and the patient to recover. The pump’s peak flows exceed 7 L/min.

Magenta advised that its high-flow, low-profile device was granted FDA Breakthrough Device designation for two indications: high-risk percutaneous coronary intervention (HR-PCI) and cardiogenic shock.

Magenta completed an HR-PCI first-in-human (FIH) study in Tbilisi, Georgia. Results of this study were presented by Duane Pinto, MD, at TCT 2022, the 34th annual Transcatheter Cardiovascular Therapeutics scientific symposium held September 16-19 in Boston, Massachusetts.

Magenta is now preparing to launch its clinical programs in the United States, starting with an HR-PCI early feasibility study.

In the company’s press release, Dr. Pinto, who is with Beth Israel Deaconess Medical Center and Harvard Medical School in Boston, commented, “Having supported Magenta’s FIH study, I was thoroughly impressed with the unique combination of a low-profile device delivering best-in-class flow. Magenta’s device is inserted with ease percutaneously and can accommodate the full gamut of flows required by MCS patients in the various situations I encounter as an interventional cardiologist.”

Dr. Pinto continued, “Use of this technology can be mastered by a wide range of proceduralists to better address the unmet needs of contemporary patients, such as those with small or challenging vascular anatomies, especially if high flows are needed.”

The financing was led by global health care investment manager OrbiMed, with participation from existing investors New Enterprise Associates, Pitango VC, and ALIVE—Israel HealthTech Fund.

“Magenta is proud to add OrbiMed to its growing roster of leading med tech investors as a highly reputable partner for innovative medical device companies,” stated the company’s CEO David Israeli, MD, in the press release. “I am confident that together we can build an organization well equipped to bring to the market high-impact technology that can potentially address multiple unmet needs in the general cardiology patient population, as well as in many underserved patient groups.”

David Bonita, MD, General Partner at OrbiMed, added, “We are excited to have identified the merits of Magenta’s technology, with its strong disruptive potential, and are extremely pleased with the relationships that we have built with management, the founders, and the existing investors. We look forward to advancing the clinical programs and accelerating the introduction of this important technology to the market in the United States and globally.”