Acute heart failure affects about 6.5 million people in the United States, with 960,000 new cases diagnosed annually, based on data from the American Heart Association.
Executives at Israel-based Magenta Medical believe that the company’s catheter-based therapy can prevent scores of heart failure-related hospital admissions that result from fluid build-up that burdens the heart and kidneys.
Founded in October 2012 by a cardiologist and a mechanical engineer, Magenta Medical raised $15 million last week. Investors include medical device company Abiomed; Pitango Venture Capital, an Israeli fund; JAFCO, a Japanese private equity firm, and a group of cardiac experts including Jacques Seguin, a cardiac surgeon, inventor, and entrepreneur.
For those not in the know, Seguin was the founder of CoreValve, which Medtronic bought for more than $700 million in 2009. Medtronic sells various iterations of this transcatheter aortic valve replacement device to treat diseased heart valves.
“The fact that [these investors] find interest in what we are doing is noteworthy,” said David Israeli, the former chairman of Magenta Medical and its current CEO, in a phone interview.
The company’s technology consists of a flow pump that is inserted on the venous side and allows the kidneys to enhance or optimize function to eliminate salt, Israeli explained.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
Contrast that with the current method of treating fluid-buildup observed in heart failure patients when their ankles swell up or when they gain weight unexpectedly: diuretics. But those often lead to high rates of deteriorating kidney function and hospital readmissions, Israeli said.
Magenta Medical’s technology is already in clinical trials in Europe and the funds will be used to win CE Mark. The data from those European trials will likely be shared with FDA to determine the company’s regulatory approach in the U.S.
“With our current funding, we hope to reach agreement with the FDA on the clinical pathway in the United States,” Israeli said.
The device provides therapy for up to 24 hours and does not have leave behind a permanent implant. Israeli said the company’s technology also is expected to result in savings to the healthcare system. Many heart-failure patients experience a big decline in how their kidneys function and often end up in the ICU.
“We have to prove that, and we are seeing a signal in that direction,” Israeli said, adding that he expects that the device can prevent complications that would eliminate the need for the ICU.
Photo: Abscent84, Getty Images
