According to a news release, Horizon provided the loan facility to Magnolia on May 6 to support its FDA-cleared Steripath device for preventing the contamination of blood cultures upon collection.
“Magnolia’s Steripath device has vastly improved blood culture collection capabilities and significantly reduced the misdiagnoses of sepsis,” Horizon president Gerald Michaud said in the release. “Steripath, a patented technology indicated to reduce blood culture contamination, is being used by a broad array of hospitals nationwide and as a result, patients can be released more quickly with reduced complications and re-admissions, enabling hospitals to save considerably on expenses.
“We are pleased to provide funding for Magnolia as it develops additional products that will further augment Steripath’s value proposition and lead to expanded market penetration and share.”
In providing Magnolia with the loan facility, Horizon joins HelathQuest Capital, Evidity Health Capital, SightLine Partners and RTW Investments as companies supporting the Steripath maker.
Magnolia said in the release that it plans to use the proceeds to drive commercial growth, scale new product launches and invest in technology platform extensions.
“We are delighted by Horizon’s support of Magnolia, which will allow us to expand our Steripath product family with exciting new devices,” Magnolia CEO Greg Bullington said. “Magnolia’s devices are filling a vital need by providing an advanced solution that has proven to significantly improve the accuracy and consistency of blood culture results to deliver better clinical outcomes in hospitals, which is a win for both the patient and healthcare system.
“Horizon’s investment will enable us to continue expanding our line of Steripath products, which will further enhance hospital blood culture collection capabilities, and ultimately further accelerate Magnolia’s market penetration and business growth.”