On July 23, 2024, Novo Holdings, a leading life science investor, announced that it has led a $105 million financing in Magenta Medical, developer of the Elevate™ System, the world's smallest heart pump.

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. Wilson Sonsini Goodrich & Rosati advised Novo Holdings on the transaction.

The financing will be used to advance the company’s U.S. 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).

The Wilson Sonsini team that advised Novo Holdings on the transaction includes:

Corporate
Dan Koeppen
Kassandra Castillo
Bridget Balisy

Patents and Innovations
Maya Skubatch
Darby Chan
Madeline Hess

For more information, please see Novo Holdings’ press release.