Magenta Therapeutics, a US-based developer of drugs to aid bone marrow transplantation, closed a $52m series C round that included diversified conglomerate Access Industries today.
Investment firm Casdin Capital led the round, which also featured cellular technology services provider Be the Match BioTherapies, EcoR1 Capital, Eventide Asset Management and Watermill Asset Management.
Magenta is working on therapeutics that will enhance the curative powers of bone marrow transplants. It will use the series C proceeds to advance its product pipeline, most notably MGTA-456, a cell therapy in a phase 2 clinical trial for inherited metabolic diseases.
The company has now raised approximately $150m since it was launched by venture capital firms Third Rock Venture and Atlas Venture in 2016.
Third Rock and Atlas led Magenta’s $48.5m series A round the same year, investing alongside Access Industries, Partners Innovation Fund (PIF) and GV, respective subsidiaries of healthcare provider Partners Healthcare and internet and technology group Alphabet.
GV subsequently led the company’s $50m series B round, which included Access Industries, PIF, Be The Match BioTherapies, Atlas Venture, Third Rock Ventures and Casdin Capital, in May 2017.
Jason Gardner, co-founder and CEO of Magenta Therapeutics, said: “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.
“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.”