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Magnolia Medical Technologies Raises $46M

NEW YORK ─ Blood collection device developer Magnolia Medical Technologies on Wednesday announced it has raised $46 million in a growth equity financing round.

The financing enables Seattle-based Magnolia Medical to "fast track new innovations, leveraging our extensive intellectual property portfolio," Greg Bullington, cofounder and CEO of the firm, said in a statement.

RTW Investments and Sectoral Asset Management led the financing, and all of Magnolia Medical's major investors, including HealthQuest Capital, Evidity Health Capital, and SightLine, participated in the financing along with new investor Janus Henderson Investors. Investment bank Jefferies served as an adviser to Magnolia Medical for the financing.

Magnolia Medical's Steripath, a US Food and Drug Administration-cleared device to reduce blood culture contamination for sepsis testing, has been adopted in hundreds of US hospitals and healthcare systems to address the problem of blood culture contamination, the firm said.

Concurrent with the financing, Marc-Andre Marcotte, a partner at Sectoral Asset Management, and Ovid Amadi, a senior analyst at RTW, joined Magnolia Medical's board of directors.