CAMBRIDGE, Mass.--(BUSINESS WIRE)--Magenta Therapeutics, a biotechnology company developing novel medicines to bring the curative power of bone marrow transplant to more patients, today announced the completion of a $52 million Series C financing.
Proceeds from the financing will be used to advance Magenta’s integrated portfolio of novel therapeutics, which are designed to address major unmet needs in bone marrow transplantation. This includes Magenta’s targeted bone marrow transplant conditioning programs, stem cell mobilization and stem cell expansion programs. The funding will also support further development of Magenta’s most advanced clinical product candidate, MGTA-456, a cell therapy that is currently being studied in a Phase 2 clinical trial in patients with inherited metabolic diseases.
The oversubscribed Series C financing was led by Casdin Capital, with participation from new investors EcoR1 Capital, Eventide Asset Management, Watermill Asset Management and additional long-term institutional investors. Existing investors Be the Match BioTherapies and Access Industries also participated.
“We are grateful for this strong support from both our new and existing investors, who share our vision to allow more patients with debilitating diseases to benefit from a potentially curative bone marrow transplant,” said Jason Gardner, D.Phil., chief executive officer, president and co-founder, Magenta Therapeutics. “This financing provides us with additional funding to build upon the clinical and preclinical progress we have made since our Series B round in 2017.”
“We believe a remarkable era in bone marrow transplant is unfolding and see Magenta Therapeutics as potentially leading the way, combining a differentiated approach and a comprehensive portfolio of medicines,” said Eli Casdin, chief investment officer, Casdin Capital. “With encouraging clinical proof-of-concept data in hand for their most advanced program applying stem cell expansion in blood cancers, and now more recently preclinical data from their targeted transplant conditioning and stem cell mobilization programs, we see fast growth for the potential across the Magenta portfolio. We are excited to be a partner in the future of this field, and importantly, to help Magenta’s advancement of these and other programs.”
About Bone Marrow Transplant
Healthy bone marrow stem cells and the blood cells they create are crucial for survival, but certain diseases can affect the bone marrow, interfering with its ability to function properly. A bone marrow transplant is a process to replace unhealthy bone marrow with healthy bone marrow stem cells. Bone marrow transplant can save the lives of patients with blood cancers and genetic diseases and is a potential cure for patients with severe refractory autoimmune diseases. Currently bone marrow transplant is still associated with risk, toxic side effects, and complexity for patients that could benefit from the procedure. Magenta is working to address these challenges through its integrated portfolio of therapeutics.
About Magenta Therapeutics
Magenta Therapeutics is a biotechnology company developing therapeutics to revolutionize bone marrow transplant for patients with autoimmune diseases, blood cancers and genetic diseases. By creating a platform focused on critical areas of unmet need, Magenta Therapeutics is pioneering an integrated approach to extend the curative power of bone marrow transplant to more patients, by making the process more effective, safer, and easier. Founded by internationally recognized leaders in bone marrow transplant medicine, Magenta Therapeutics was launched in 2016 by Third Rock Ventures and Atlas Venture and is headquartered in Cambridge, Mass. For more information, please visit www.magentatx.com.