Magenta Therapeutics, a Cambridge, MA-based biotechnology company developing novel medicines, completed a $52m Series C financing.
The round was led by Casdin Capital, with participation from new investors EcoR1 Capital, Eventide Asset Management, Watermill Asset Management and existing investors Be the Match BioTherapies and Access Industries.
The company intends to use the proceeds to advance its 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 its 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.
Launched in 2016 by Third Rock Ventures and Atlas Venture and led by Jason Gardner, D.Phil., chief executive officer, president and co-founder, Magenta Therapeutics is a biotechnology company developing therapeutics for bone marrow transplant for patients with autoimmune diseases, blood cancers and genetic diseases.