Magenta Medical, Developer of Novel Heart Failure Therapy, Secures
$4 Million in Seed Round from Pitango Venture Capital
TEL-AVIV, Israel, December 3, 2012 /PRNewswire/ --
Pitango completes first life
sciences investment from its new fund;
Dr. David Israeli, Partner at
Pitango, joins the Board of Directors
Magenta Medical, a medical device company, announced today that
it has closed a $4 million seed
investment round from Pitango Venture Capital.
Founded in October, 2012 by Prof. Ehud
Schwammenthal and Mr. Yosi
Tuval, Magenta Medical is developing a novel therapeutic
approach to the treatment of Congestive Heart Failure (CHF).
Prof. Schwammenthal, a cardiologist, and Mr. Tuval, a mechanical
engineer, were also the founders of Ventor Technologies, a former
Pitango portfolio company that developed an innovative
catheter-based system for the minimally invasive replacement of the
aortic valve. Ventor was acquired for $325
million in 2009, 5 years after its inception, by Medtronic,
Inc.
CHF has been described as an epidemic in the Western World,
afflicting approximately 5.7 million people in the U.S. alone, with
670,000 new cases diagnosed annually.
(AHA, 2012 - http://circ.ahajournals.org/content/125/1/e2).
The economic burden of CHF is large and rapidly growing, with an
estimated annual cost to the US economy of over $34 billion in 2010. This amount is expected to
reach a staggering $57 billion by
2020.
(AHA, 2012
http://circ.ahajournals.org/content/early/2011/01/24/CIR.0b013e31820a55f5.abstract)
Prof. Ehud Schwammenthal,
Magenta's Co-founder and CEO: "Magenta was founded on the premise
that CHF can be managed using a device that does not underestimate
the complexity and the inter-patient variability of the disease. We
have been enjoying a fruitful relationship with Pitango for many
years, as is now reflected by their early support of Magenta.
Dr. Israeli brings relevant experience and expertise to the table,
and we look forward to his joining our Board of Directors."
Dr. David Israeli, Partner at
Pitango: "We are pleased to be making our first life sciences
investment from Pitango VI. The firm continues to be committed to
this sector, and believes in the potential of Israeli companies
operating in the life sciences arena. Prof. Schwammenthal and Mr.
Tuval have a proven track record as medical device entrepreneurs,
and we are happy to collaborate with them once again. The magnitude
of the problem they are tackling, in combination with the novelty
and elegance of their approach, lead us to believe that Magenta can
become a groundbreaking company in the treatment of CHF."
About Pitango Venture Capital
(http://www.pitango.com)
Pitango Venture Capital, the leading venture capital firm in
Israel, has been investing in
technology entrepreneurs since 1993. With offices in Israel and Silicon Valley, California, Pitango currently manages several
venture funds totaling over $1.5
Billion in committed capital invested in more than 150
companies to date, among them companies that have gone public or
have been acquired such as Anobit, acquired by Apple (NASDAQ:
AAPL); superDimension, acquired by Covidien; Aeroscout,
acquired by Stanley Healthcare Solutions; Provigent and Dune
Networks, both acquired by Broadcom (NASDAQ: BRCM); Convergin
(acquired by Oracle (NASDAQ:ORCL); Optonol, acquired by Alcon
(NYSE:ACL); Ventor, acquired by Medtronic (NYSE: MDT).
Pitango invests in high-growth companies in various stages, from
seed and early stages to growth and late-stage, and supports them
as they grow. Pitango's investment focus includes: Communications;
Networking & Storage; Wireless, Cellular and Mobile
technologies; Enterprise Software, Internet and Media; Healthcare
& Life Sciences, and Clean Technologies.
About Magenta Medical
Founded in October, 2012, Magenta Medical Ltd. is a privately
held company that is engaged in the development of novel device
solutions for the treatment of acute and chronic heart failure.
Media Contact:
Sharon Erde sharon.e@pitango.com
+972-54-4848617.
SOURCE Magenta Medical Ltd
