Magnolia Medical, a Seattle-based biotech company, raised $46 million to further propel product innovation. This financing follows a record-setting new account acquisition and top-line sales growth.
After receiving almost $20 million in 2019, led by RTW Investments, RTW co-led this year’s funding round alongside Sectoral Asset Management, with contributions from Janus Henderson Investors, HealthQuest Capital, Evidity Health Capital, and SightLine Partners. The company intends to use the funding to advance its device that reduces culture contamination for sepsis testing.
“The clinical success we continue to achieve as we rapidly expand our hospital customer base is remarkable,” said Greg Bullington, CEO and co-founder of Magnolia Medical.