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Magnolia Medical Announces $46 Million Growth Equity Financing

Feb 16, 2022•over 3 years ago

Amount Raised

$46 Million

Seattle

Description

Magnolia Medical Technologies, Inc., inventors of Steripath®, the only FDA 510(k)-cleared device platform indicated to reduce blood culture contamination for sepsis testing,1 today announced a $46 million growth equity financing co-led by RTW Investments, LP ("RTW") and Sectoral Asset Management with significant participation by new investor Janus Henderson Investors. All existing major investors including HealthQuest Capital, Evidity Health Capital, and SightLine Partners also participated in the financing.

Company Information

Company

Magnolia Medical Technologies

Location

Seattle, Washington, United States

About

Magnolia Medical Technologies develops, manufactures, and markets innovative blood and bodily fluid collection devices to facilitate significant improvements in the accuracy, consistency, and predictability of critical laboratory tests. Magnolia Medical invented and patented the Initial Specimen Diversion Technique (ISDTTM) and Device (ISDD®) for blood culture collection and contamination prevention. The company has amassed an intellectual property portfolio, including more than 100 issued method, apparatus, and design patents with more than 70 additional patent applications pending. For more information, visit www.magnolia-medical.com. Indicated to reduce the frequency of blood culture contamination when contaminants are present, compared to standard method controls without diversion. Date on file. Nielsen LE, Nguyen K, Wahl CK, et al. Initial Specimen Diversion Device® reduces blood culture contamination and vancomycin use in academic medical center. J Hosp Infect. 2021;117. doi:https://doi.org/10.1016/j.jhin.2021.10.017. Tompkins LS, et al. Getting to zero: impact of a device to reduce blood culture contamination and false-positive central line-associated blood stream infections. Submitted to Clin Infect Dis in December 2021. SOURCE Magnolia Medical Technologies

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