Novo Holdings leads $105 million financing of Magenta Medical to support FDA approval for world’s smallest heart pump

• Funds will be used to advance Magenta’s US clinical programs to support the FDA’s approval of the Elevate™ System, the world’s smallest heart pump

• Eric Snyder, Partner, Venture Investments, Novo Holdings will join Magenta Medical Board of Directors

Boston, US, 23 July 2024 - Novo Holdings, a leading life science investor, today announces that it has led a $105 million financing in Magenta Medical (Magenta), developer of the Elevate™ System, the world's smallest heart pump. The financing will be used to advance the company’s US clinical programs in multiple mechanical circulatory support (MCS) indications and to secure the first FDA approval for the Elevate™ System in patients undergoing high-risk percutaneous coronary interventions (HR-PCI).

MCS is one of the fastest growing markets in interventional cardiology. It encompasses devices designed to mechanically unload the failing heart and augment cardiac output in the setting of dangerously low blood pressure, providing a bridge to recovery over a period of hours to days.

The widely recognized unmet clinical needs in MCS revolve around the ability to provide full cardiac support with a single device and a truly percutaneous and minimally-invasive placement procedure. Magenta’s Elevate™ System is designed to meet those needs, while overcoming the significant limitations of existing temporary MCS devices. Because of these potential advantages, the Elevate™ System was granted Breakthrough Device Designation by the US FDA for two clinical indications: high-risk percutaneous coronary intervention (HR-PCI) and cardiogenic shock (CS).

Eric Snyder, Partner, Venture Investments, Novo Holdings US said: “Magenta's technology stands at the forefront of innovation in the MCS field and has the potential to significantly improve outcomes in patients with severe cardiovascular conditions. We look forward to supporting Magenta’s team and bringing better care to even more patients in need of mechanical circulatory support."

In connection with the financing, Eric Snyder will join the Magenta Medical Board of Directors.

Dr. David Israeli, Chief Executive Officer of Magenta Medical, added: "Magenta is thrilled to add Novo Holdings and these exceptional MedTech investors to its mission of disrupting the MCS space. 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. 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 completed a US Early Feasibility Study with the HR-PCI indication in 2023. The results were presented at the 2023 Transcatheter Cardiovascular Therapeutics (TCT) conference in San Francisco by Dr. Perwaiz Meraj of North Shore University Hospital. Building on this study, Magenta is now preparing to launch a pivotal study in the U.S.

The financing was led by Novo Holdings, with additional new investment from Viking Global Investors and RA Capital Management, alongside participation from existing investors, OrbiMed, New Enterprise Associates (NEA), JVC Investment Partners, and ALIVE - Israel HealthTech Fund.

About Novo Holdings A/S
Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people’s health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation.

Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk A/S and Novonesis A/S (Novozymes A/S) and manages an investment portfolio with a long-term return perspective. In addition to managing a broad portfolio of equities, bonds, real estate, infrastructure and private equity assets, Novo Holdings is a world-leading life sciences investor. Through its Seed, Venture, Growth, Asia, Planetary Health Investments and Principal Investments teams, Novo Holdings invests in life science companies at all stages of development.

As of year-end 2023, Novo Holdings had total assets of EUR 149 billion. www.novoholdings.dk.

About Magenta Medical
Magenta Medical Ltd. is a privately-held company dedicated to the development of miniaturized blood pumps intended to provide minimally-invasive support to the native heart during acute episodes of dysfunction that could lead to dangerously low blood pressure and compromised perfusion of vital organs. Magenta's Elevate™ percutaneous Left Ventricular Assist Device (pLVAD) is currently in clinical trials to be evaluated for at least two indications: patients undergoing high-risk percutaneous coronary interventions (HR-PCI) and patients with cardiogenic shock.

For more information, please visit magentamed.com.