Magnolia Medical Announces $46 Million Growth Equity Financing

Funding will further accelerate commercialization of the Steripath® Initial Specimen Diversion Device® platform and fast-track new innovations in sepsis diagnostic accuracy and timeliness.

Magnolia Medical Technologies, Inc., inventors of Steripath®, the only FDA 510(k)-cleared device platform indicated to reduce blood culture contamination for sepsis testing,1 today announced a $46 million growth equity financing co-led by RTW Investments, LP ("RTW") and Sectoral Asset Management with significant participation by new investor Janus Henderson Investors. All existing major investors including HealthQuest Capital, Evidity Health Capital, and SightLine Partners also participated in the financing.

"The closing of this financing comes on the heels of our record-setting new account acquisition and top-line sales growth in Q4 and 2021," said Greg Bullington, CEO and co-founder of Magnolia Medical. "The clinical success we continue to achieve as we rapidly expand our hospital customer base is remarkable. Given the criticality of sepsis testing accuracy to enable appropriate patient treatment decisions, our goal remains to ensure every patient undergoing sepsis testing has access to our Steripath technology to dramatically improve the accuracy of the results."

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