RTW is making two investments:

Magnolia Medical Technologies

RTW reports that Magnolia Medical Technologies has completed a $46 million growth equity financing round. The company, alongside other investment vehicles of RTW Investments, LPparticipated in the financing round with other investors.

Magnolia Medical is a privately held medical technology company that develops, manufactures and markets innovative blood and body fluid collection devices to facilitate significant improvements in the accuracy, consistency and predictability of critical laboratory tests. Magnolia Medical is the inventor of Steripath®, a FDA 510(k) cleared device platform indicated to reduce contamination of blood cultures for sepsis testing. Proceeds from the funding round are intended to further accelerate commercialization of the Steripath® Initial Specimen Diversion Device® platform and accelerate new innovations in sepsis diagnostic accuracy and timeliness.

Third Harmonic Bio, Inc

Additionally, RTW has backed Third Harmonic Bio, Inc. first in its $50 million Series A funding round and now in its $105 million Series B funding round.

Third Harmonic Bio is a privately held, clinical-stage biotechnology company developing a first-in-class oral selective KIT (receptor tyrosine kinase) inhibitor for the treatment of severe allergies and inflammation.

Proceeds from the financing rounds are expected to fund the development of the Company’s lead candidate, THB001, in the next phase of human studies for the initial indication of chronic urticaria, a skin disease caused by activation mast cells that causes redness, itching, painful welts or hives that develop in response to a specific stimulus (inducible urticaria) or without a known cause (spontaneous or idiopathic urticaria).

Beyond chronic urticaria, Third Harmonic Bio plans to continue the development of THB001 in other diseases of the skin, respiratory tract and gastrointestinal tract in which mast cells play a known role in the pathophysiology of disease.

previous story | next story