Magenta Therapeutics, a Cambridge, Mass.-based biotechnology company developing therapies to improve and expand the use of curative stem cell transplantation for more patients, completed a $50m Series B financing.
The round was led by GV (formerly Google Ventures), with participation from existing investors Atlas Venture, Third Rock Ventures, Partners Innovation Fund and Access Industries as well as Casdin Capital and other investors, as well as Be The Match BioTherapies, a subsidiary of National Marrow Donor Program® (NMDP)/Be The Match®.
The company intends to use the funds to accelerate development of innovative product candidates across multiple aspects of transplantation medicine, including more precise preparation of patients, stem cell harvesting and stem cell expansion.
Led by Jason Gardner, D. Phil., CEO, president and co-founder, Magenta Therapeutics is a biotechnology company focused on innovating stem cell transplantation for patients with immune- and blood-based diseases. The clinical-stage program in-licensed by the company from Novartis, MGTA-456 (formerly HSC835), aims to expand the number of cord blood stem cells used in transplants to achieve superior clinical outcomes compared to standard transplant procedures, and to enable more patients to benefit from a transplant. Under this agreement, Magenta gains rights to use MGTA-456 in selected applications and will develop MGTA-456 in multiple diseases, including immune and blood diseases.