Investors in the Israel-based company included Pitango Venture capital, JAFCO and a group of industry investors led by Dr. Jacques Seguin, who founded CoreValve. Dr. Seguin will also join the company’s board of directors as part of the funding round.
Magenta Medical was founded in 2012 and is developing “novel therapeutic approaches to the management and treatment of acute heart failure.” The treatment is based around a catheter-based therapy which aims to manage congestion through faster and safer fluid and salt removal while protecting kidney function, the company 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 U.S. 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,” Magenta co-founder & chief medical officer Dr. Schwammenthal said in a prepared statement.
The founders of Magenta Medical, Dr. Ehud Schwammenthal and Yosi Tuval, also founded Ventor Technologies. Ventor developed a catheter-based system for the minimally invasive replacement of aortic valves, and was picked up by Medtronic in 2009 for $325 million.
“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,” Magenta CEO Dr. David Israeli said in a prepared release.