Magnolia Medical receives $ 20 million venture capital loan
According to a press release, Horizon provided the loan facility to Magnolia on May 6 to support its FDA-approved Steripath device to prevent contamination of blood cultures during collection.
“Magnolia’s Steripath Device has dramatically improved blood culture collection capabilities and dramatically reduced errors in the diagnosis of sepsis,” said Horizon President Gerald Michaud mentionned in the version. “Steripath, a patented technology indicated to reduce blood culture contamination, is used by a wide range of hospitals across the country and, as a result, patients can be discharged more quickly with reduced complications and readmissions, which allows hospitals to save considerably on expenses.
“We are pleased to fund Magnolia as it develops additional products that will further increase Steripath’s value proposition and lead to increased penetration and market share.”
By providing Magnolia with the loan facility, Horizon joins HelathQuest Capital, Evidity Health Capital, SightLine Partners and RTW Investments as companies supporting the maker of Steripath.
Magnolia said in the statement that it plans to use the profits to drive business growth, scale new product launches and invest in technology platform extensions.
“We are delighted with Horizon’s support to Magnolia, which will allow us to expand our Steripath product line with exciting new devices,” Magnolia CEO Greg Bullington said. “Magnolia’s devices meet a vital need by providing an advanced solution that has been shown to dramatically improve the accuracy and consistency of blood culture results to deliver better clinical outcomes in hospitals, which is a victory for the patient and health system.
“Horizon’s investment will allow us to continue to expand our Steripath product line, which will further improve blood culture collection capabilities in hospitals and ultimately further accelerate market penetration and growth of Magnolia activities. ”