RTW makes two investments:
Magnolia Medical Technologies
RTW says that Magnolia Medical Technologies has completed a $46m growth equity financing round. The company, alongside other investment vehicles of RTW Investments, LP, participated in the financing round together with other investors.
Magnolia Medical is a privately held medical technology 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 laboratory tests. Magnolia Medical is an inventor of Steripath®, an FDA 510(k)-cleared device platform indicated to reduce blood culture contamination for sepsis testing. The proceeds from the financing round are intended to further accelerate commercialisation of the Steripath® Initial Specimen Diversion Device® platform and fast-track new innovations in sepsis diagnostic accuracy and timelines.
Third Harmonic Bio, Inc
In addition, RTW backed Third Harmonic Bio, Inc. first in its $50m Series A and now in its $105m Series B financing round.
Third Harmonic Bio is a privately held clinical-stage biotechnology company developing a first-in-class, selective, oral KIT (receptor tyrosine kinase) inhibitor for the treatment of severe allergy and inflammation.
The proceeds from the financing rounds are expected to fund development of the company’s lead candidate, THB001, through the next phase of human studies for the initial indication of chronic urticaria, a dermatologic disease driven by mast cell activation that results in red, itchy, painful welts or hives that develop in response to a specific stimulus (inducible urticaria) or with no known cause (spontaneous or idiopathic urticaria).
Beyond chronic urticaria, Third Harmonic Bio plans to pursue development of THB001 in additional diseases of the skin, airway, and gastrointestinal tract in which mast cells play a known role in the pathophysiology of the condition.