SEATTLE - Magnolia Medical Technologies today announced additional investment funding of $7.25 million, bringing total company financing to date to $30 million. Magnolia Medical is the developer of SteriPath®, the only blood collection system clinically proven to virtually eliminate "false positive" blood culture test results from patients with suspected sepsis.
Several institutional investors participated in the financing including the Canepa Advanced Healthcare Fund. In conjunction with the financing, Paul Enever, Ph.D., Managing Director with Canepa Healthcare, has joined the company's Board of Directors.
The company's blood collection system, SteriPath, enables hospitals to improve antimicrobial stewardship at a time of increasing concern about unnecessary use of antibiotics and associated resistance.
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Blood culture tests that are false positive for sepsis often result in substantial overuse of antibiotics, creating avoidable patient safety risks and driving unnecessary costs to the US healthcare system in excess of $4 billion annually in patient overtreatment.
The SteriPath blood collection system significantly reduces false positive results by sequestering contaminants and creating access for sterile blood flow into the culture test bottles. The single-use system has been proven in multiple clinical settings to reduce false positive blood cultures by over 90%, thereby helping to lessen the unnecessary use of antibiotics and associated patient risks and complications.
Blood culture is the essential blood test used to diagnose sepsis, a complication from bloodstream infection that claims over 200,000 U.S. lives each year and is a leading cause of death. With the current use of traditional collection methods, an average of 20 to 50 percent of positive blood culture tests are contaminated and ultimately determined to be false positive.
That original misdiagnosis in turn often exposes patients to potent antibiotic treatments that may be unnecessary and typically extend hospital length of stay. With longer patient stays, there is an increase in both healthcare costs and the risk of hospital-acquired conditions.
Among key opinion leaders who have seen SteriPath significantly reduce false positives in their facilities is Andrew Sama, MD, FACEP, Past President of the American College of Emergency Physicians (ACEP).
"Especially in the emergency department environment, hospitals face many challenges to obtain non-contaminated blood culture samples from patients with suspected sepsis," said Dr. Sama. "Our hospital had already undertaken a wide range of efforts to reduce contamination. But our patient population and clinical workflow realities made it very challenging to obtain culture samples aseptically. SteriPath changed all of that -- and quickly reduced our false positive rate by greater than 90% from over 5% to under 0.5%."
