Pitango is investing $4 million in the entrepreneurs who sold Ventor Technologies to Medtronic for $325 millon.
Magenta Medical, which develops novel devices for the treatment of acute and chronic heart failure, has raised $4 million from Pitango Venture Capital.
The company was founded just two months ago by Prof. Ehud Schwammenthal and Yosi Tuval. In 2004, these two entrepreneurs founded Ventor Technologies, a former Pitango portfolio company, which developed an innovative catheter-based system for the minimally invasive replacement of the aortic valve. Medtronic Inc. acquired Ventor for $325 million in 2009.
Magenta's founders are reluctant to reveal details about their new enterprise but Schwammenthal told "Globes," "“Magenta was founded on the premise that CHF can be managed using a device that does not underestimate the complexity and the inter-patient variability of the disease." Pitango partner Dr. David Israeli who joins the board of Magenta said, "We chose to invest in the company, among other things because the entrepreneurs succeeded in the past. But we have not made any allowances for that when examining the idea and its maturity. The idea is very impressive and the market has vast potential."
Published by Globes [online], Israel business news - www.globes-online.com - on December 3, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012
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