USA – Magnolia Medical, a Seattle, WA-based FDA cleared blood and bodily fluid collection device platform provider, raised $46M in Growth funding.
The round was led by RTW Investments, LP and Sectoral Asset Management with participation from Janus Henderson Investors, HealthQuest Capital, Evidity Health Capital, and SightLine Partners. Concurrent with the financing, Marc-Andre Marcotte, CFA, Partner at Sectoral Asset Management and Ovid Amadi, PhD, Senior Analyst at RTW have joined the Board of Directors.The company intends to use the funds to fast-track innovations, leveraging extensive intellectual property portfolio, to advance overall mission to eliminate the misdiagnosis of sepsi.Led by CEO Greg Bullington, Magnolia Medical 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. The company invented and patented the Initial Specimen Diversion Technique (ISDT™) and Device (ISDD®) for blood culture collection and contamination prevention. Magnolia has amassed an intellectual property portfolio, including more than 100 issued method, apparatus, and design patents with more than 70 additional patent applications pending.22/02/2022
