Magnolia Medical Technologies, a Seattle, WA-based sepsis testing accuracy care company, raised $20m in Series C financing.
The round was led by RTW Investments with participation from existing institutional investors HealthQuest Capital, SightLine Partners and Canepa Healthcare. In conjunction with the funding, Naveen Yalamanchi, M.D., Partner at RTW Investments, will join the Board of Directors as an observer.
The company intends to use the funds to scale market initiatives and advance its portfolio of innovative blood and bodily fluid collection and contamination prevention devices.
Led by Greg Bullington, CEO, Magnolia Medical is a medical device company that develops, manufactures and markets innovative blood and bodily fluid collection devices to facilitate significant improvements in the accuracy, consistency and predictability of critical IVD laboratory tests.
provides Steripath® Gen2 Initial Specimen Diversion Device® (ISDD®), which has been adopted in hospitals across the U.S. to address the problem of blood culture contamination. The product is enabling hospitals to eliminate blood culture contamination to reduce false positive diagnostic results for sepsis and reduce inappropriate antibiotic use.
The company also plans to develop and commercialize innovative products that improve the accuracy and consistency of other important in vitro diagnostic (IVD) tests, leveraging an extensive intellectual property portfolio it has built over the past decade.