Magenta Therapeutics, a new biotechnology company developing therapeutics that unlock the power of stem cell biology and bone marrow transplant, today announced the completion of a $48.5M Series A financing. The round was led by Third Rock Ventures, LLC and Atlas Venture, two firms that have built the company together over the past year with the vision to apply new stem cell science to reboot the immune and blood systems to treat patients with autoimmune diseases, genetic blood disorders and cancer.
Magenta Therapeutics aspires to develop a patient-focused set of therapeutics with the first complete platform that addresses the critical challenges in stem cell transplant. The programs could make transplants more effective for a broader range of diseases by improving patient preparation, stem cell harvesting and engraftment. This is the first time a company has taken a total approach to stem cell transplant medicine. Magenta plans to fundamentally change the use of transplant and bring this life-saving therapy to many more patients.
“Hematopoietic stem cells have the remarkable ability to develop into all cells in our blood and immune system, and have been used to transplant over one million patients in the past 50 years,” said Jason Gardner, D. Phil., chief executive officer, president and cofounder of Magenta Therapeutics. “Technical and scientific hurdles have relegated stem cell transplantation to a last resort for deadly diseases today, but new science is ready to be advanced to the clinic that could fundamentally open up this powerful medicine to patients suffering from earlier stage cancers, blood disorders and a large set of aggressive autoimmune diseases, including multiple sclerosis and scleroderma.”
Dr. Gardner continued, “There has been terrific innovation in stem cell science recently, and it is time to bring this forward to patients. During the past year, we have incubated Magenta with Third Rock and Atlas, and conducted extensive diligence on the key science in collaboration with many leading experts in the field. We have recruited a strong team at Magenta and are working with an experienced set of founders and advisors around an important vision in medicine. Our ultimate goal is to reboot the blood and immune systems safely to make a significant impact on the overall quality of life for a much broader group of patients that can benefit from transplant.”