Magenta Therapeutics, a US-based stem cell biotechnology developer that has licensed research conducted at Harvard University, emerged from stealth yesterday with $48.5m in series A funding from investors including conglomerate Alphabet.
The round was co-led by venture capital firms Third Rock Venture and Atlas Venture, which had incubated Magenta Therapeutics since 2014. Alphabet, which invested through its GV unit, participated alongside diversified holding group Access Industries and Partners Innovation Fund.
Magenta is developing treatments for autoimmune diseases, genetic blood disorders and cancer by using stem cell transplants that strengthen the body’s immune and blood systems.
The company is commercialising stem cell technologies it has licensed from Harvard University where they were developed, as well as from Massachusetts General Hospital and Boston Children’s Hospital.
Magenta’s co-founders include stem cell researchers from Harvard Stem Cell Institute, Massachusetts General Hospital’s Center for Regenerative Medicine, Washington University St Louis’ School of Medicine, Stanford University’s Clinical Bone Marrow Transplantation Laboratory and Basel University’s Basel Stem Cell Network.
David Scadden, chief scientific advisor and co-founder of Magenta Therapeutics, said: “Stem cell transplants are curative. With new gene therapy and gene editing technologies and emerging clinical experience in autoimmune diseases, more patients with more diseases can be helped or cured.
“We think we can make stem cell transplants safer and more efficient and change the conversation with patients from risk-focused to benefit-focused. Our goal is to make transplantation a desired early option for people with many blood and immune disorders.”
– A version of this article first appeared on our sister site Global University Venturing.