Seattle-based biotech Magnolia Medical Technologies has raised $46 million.
The company, which makes a device that reduces culture contamination for sepsis testing, plans to use the funds to innovate its product. According to Magnolia Medical, the company has more than 70 patent applications pending.
“The closing of this financing comes on the heels of our record-setting new account acquisition and top-line sales growth in Q4 and 2021,” Greg Bullington, CEO and co-founder of Magnolia Medical, said in a news release. “The clinical success we continue to achieve as we rapidly expand our hospital customer base is remarkable."
On its website, Magnolia Medical has open roles in clinical, engineering and sales, among others.
Magnolia Medical was founded in 2006. Its flagship product, Steripath, is aimed at reducing false positives in blood culture tests. Contaminated test results, according to the company, can lead to longer hospital stays and unnecessary antibiotic treatment, both of which could put patients' safety at risk.
Magnolia Medical raised nearly $20 million in 2019. According to the company, it has more than 100 issued patents.
RTW Investments and Sectoral Asset Management co-led the round, while Janus Henderson Investors, HealthQuest Capital, Evidity Health Capital and SightLine Partners all participated. RTW led the $20 million round, as well.
“As board observers and advisors for the past three years, we have seen first-hand the team’s strong leadership and execution," Ovid Amadi, senior analyst at RTW, said in a news release.
Seattle-area biotechs have raised impressive funding rounds in the month of February. On Tuesday, Seattle-based single-cell sequencing company Parse Biosciences raised $41.5 million. Earlier in the month, shingles vaccine maker Curevo Vaccine raised $60 million.
