Israeli medical device company Magenta Medical announced today the successful closing of its $15 million series B financing round. The syndicate of investors included Abiomed Inc., a leader in transcatheter heart pumps, Pitango Venture Capital, Japanese venture capital firm JAFCO and a group of industry luminaries and cardiovascular experts led by cardiac surgeon Prof. Jacques Seguin who is joining Magenta's board. The company has raised $23.8 million to date.
Founded in October 2012 by Chief Medical Officer Prof. Ehud Schwammenthal and Yosi Tuval, and based in Kadima northeast of Tel Aviv, Magenta Medical, which operates in the field of transcatheter heart failure therapy, is developing novel therapeutic approaches to the management and treatment of acute heart failure. The company has 20 employees.
Prof. Schwammenthal, a cardiologist, Tuval, a mechanical engineer, were also the founders of Ventor Technologies, a former Pitango portfolio company that developed an innovative catheter-based system for the minimally invasive replacement of the aortic valve. Ventor was acquired for $325 million by Medtronic Inc. in 2009.
Magenta offers a catheter-based therapy aimed at managing congestion through faster and safer fluid and salt removal, while protecting and potentiating kidney function.
Prof. Schwammenthal said, "Since its inception, Magenta has made great progress and was able to bring its first product into clinical trials in Europe. The current funding will allow us to expand and accelerate the clinical program on the path to approval in Europe and a pivotal study in the US. With the company's growth and my increased focus on the medical and clinical aspects of the operation, we as founders decided to extend an offer to our chairman, Dr. David Israeli, to serve as CEO of the company. We are delighted that David accepted and we look forward to a continued fruitful partnership". Dr. Israeli said, "Having witnessed the progress of Magenta's exciting technology as its Chairman of the Board, I was delighted to accept the role of CEO at Magenta Medical. Together with Prof. Schwammenthal and Mr. Tuval, both with a proven track record as medical device entrepreneurs, we aim to position Magenta as a groundbreaking company in the treatment of Acute Heart Failure."
Published by Globes [online], Israel business news - www.globes-online.com - on September 28, 2017
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