Magenta Medical, the developer of the Elevate heart pump, has closed a $105 million financing round led by Novo Holdings, with participation from Viking Global Investors, RA Capital Management, and existing investors such as OrbiMed and New Enterprise Associates. This funding will support Magenta's US clinical programs in mechanical circulatory support (MCS) and the pursuit of FDA approval for the Elevate System for high-risk percutaneous coronary interventions (HR-PCI). The Elevate heart pump, recognized for its small size and high power, aims to address significant unmet needs in MCS by providing full cardiac support through a minimally invasive procedure.
Magenta Medical, led by CEO David Israeli, is poised to disrupt the MCS market with its innovative technology. The Elevate System has been granted Breakthrough Device Designation by the FDA for HR-PCI and cardiogenic shock indications, reflecting its potential to transform patient care. The company's technology miniaturizes a powerful Left Ventricular Assist Device to fit into a 9 Fr delivery system, the smallest profile of any such device, enabling ease of use and safety. By advancing clinical studies and leveraging robust investor support, Magenta Medical aims to bring this pioneering solution to market, enhancing outcomes for patients with severe cardiovascular conditions.
