Magenta Medical Closes Funding Round to Support Heart Failure Devices

July 29, 2019—Magenta Medical, Ltd., an Israel-based developer of heart failure solutions based on miniaturized blood pump technology, announced a financing round that will be used to advance the development of the company's two products and support FDA approval in the United States. The technology aims to improve the outcomes of patients admitted with acute heart failure, whether they are experiencing cardiogenic shock or volume overload and systemic congestion.

Magenta Medical's transcatheter renal venous decongestion system selectively reduces renal venous pressure to mechanically unload the kidneys, improve renal perfusion and function, and 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.

Magenta Medical's second product is a percutaneous left ventricular assist device (pLVAD) that is intended to be used in patients undergoing high-risk coronary interventions and patients admitted with cardiogenic shock. The 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.

Privately held Magenta Medical was founded by Professor Ehud Schwammenthal, MD, and Yosi Tuval, who previously founded Ventor Technologies, which was acquired by Medtronic in 2009. David Israeli, MD, is the CEO of Magenta Medical.

Financing was led by global venture capital firm New Enterprise Associates, with participation from existing investors, including Pitango Venture Capital, JVC Investment Partners, and a group of private investors led by Professor Jacques Seguin, MD.