Magenta Medical Gains $105M Funding for Elevate Percutaneous LVAD

Magenta Medical closed a $105 million financing round, led by global healthcare investment firm Novo Holdings. Existing investors OrbiMed, New Enterprise Associates (NEA), JVC Investment Partners, and ALIVE – Israel HealthTech Fund, also participated.

The financing will help to advance the Israel-based company’s U.S. clinical programs in multiple mechanical circulatory support (MCS) indications and win it the first U.S. Food and Drug Administration (FDA) approval for its Elevate heart pump in patients receiving high-risk, percutaneous coronary interventions (HR-PCI).

Elevate was designed to address unmet clinical need of providing full cardiac support with a single device and truly percutaneous and minimally invasive placement procedure. It was granted FDA breakthrough status for two clinical indications: HR-PCI and cardiogenic shock.

Magenta finished a U.S. early feasibility study with the HR-PCI indication in 2023 and presented results at last year’s Transcatheter Cardiovascular Therapeutics (TCT) conference. Based on the feasibility study’s results, the company is now planning to launch a U.S. pivotal study.

“Magenta is thrilled to add these exceptional MedTech investors to its mission of disrupting the MCS space,” said Magenta Medical CEO Dr. David Israeli. “Together with our existing partners, we are fortunate to have brought together a world-class group of investors that has both the resources and expertise to shepherd Magenta through regulatory approvals and commercial growth.”

More about the Elevate percutaneous LVAD

Touted as the world’s smallest heart pump, Elevate’s technology uses a percutaneous left ventricular assist device (LVAD) miniaturized to fit in a 9 Fr delivery system.

The Elevate pump is first folded, then implanted percutaneously through a small puncture in the groin. The pump is delivered into the heart fully sheathed, over a guidewire, through the aorta, then across the aortic valve.

Before activation, Elevate self-expands inside the heart. Flow through the pump is then adjusted based on the patient’s clinical circumstances, up to the entire cardiac output of an adult (> 5 L/min of mean flow at physiological blood pressures).

Dr. Israeli noted, “Magenta’s technology will potentially enable physicians to rely on a single device to treat the full spectrum of MCS indications and is expected to eliminate the need to escalate therapy to a different device and subject patients to unnecessary and invasive replacement procedures.”

Magenta also closed a $55 million funding round last July.