Magenta Medical has closed a $55m financing round led by OrbiMed. The funding, which had participation from existing investors New Enterprise Associates, Pitango VC and ALIVE – Israel HealthTech Fund, will go towards advancing clinical programmes in support of FDA approval of its percutaneous Left Ventricular Assist Device (pLVAD).
An LVAD is an artificial pump attached to the heart that assists those with weak heart pumping mechanics, such as patients with heart failure. These are connected to external battery packs and are relatively big devices, needing open heart surgery to be installed.
Magenta’s device can be inserted through the groin and then expanded when it reaches the inside of the left ventricle of the heart. The speed and flow of the pump can be adjusted based on individual patient need. It can pump more than 5 L/min – around the normal cardiac output of an adult – with peak flows of 7 L/min. According to the Kadima, Israeli-based company, it is the most powerful known percutaneous pump.
The device is yet to be FDA approved but the company has already successfully completed a HR-PCI first-in-human (FIH) study in Georgia. The recently acquired funds, which add to previous deals worth $19m and an undisclosed amount, will help Magenta launch clinical programmes in the US, including a HR-PCI early feasibility study.
Magenta Medical CEO Dr. David Israeli welcomed new investor OrbiMed as a highly reputable partner. “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 under-served patient groups,” said Israeli.
Magenta’s device is a type of temporary mechanical circulatory support (MCS). GlobalData forecasts that the MCS global market will be worth $2.3bn by 2030. The LVAD market contributes the biggest share to this, estimated to be worth $2.2bn by the same year. Abbott currently dominates the LVAD landscape with its FDA-approved HeartMate devices.
“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,” said Dr. Duane Pinto of Beth Israel Deaconess Medical Center.