Just weeks after bagging $52 million from venture capitalists in a crossover round, Cambridge, MA darling Magenta Therapeutics has declared intentions to list on the Nasdaq in an IPO angling at $100 million.
According to a statement filed with the SEC, the cash will be used to push forward Magenta’s most advanced clinical program: a cell therapy called MGTA- 456. The drug, currently in Phase II trials, is being tested in patients with inherited metabolic disorders. Magenta says new IPO money would push the treatment through a pivotal trial, pay for some commercialization activities, and also fund research into additional indications for the therapy, such as sickle cell disease and blood cancers.
Beyond that, Magenta might use the new funds to back MGTA-145, a novel stem cell mobilization product candidate.
Magenta, with its lofty goals of improving stem cell transplantation, has been making a splash in the big Cambridge/Boston hub, previously gathering something like $150 million in venture cash from some marquee investors that include GV – the venture group formerly known as Google Ventures – and in-licensing a mid-stage drug that Novartis thinks highly of for enhancing cord blood stem cells as a treatment.
Third Rock has the biggest chunk of equity, with 29% of the stock, while Atlas has 17% and GV weighs in at 12%.
CEO Jason Gardner, a GSK vet who joined the exodus into the booming biotech field, has a 3.7% stake in the company.
In March, Magenta teamed up with German biotech Heidelberg Pharma on a bone marrow R&D pact that included $334 million in potential milestone payments. And in February, Magenta recruited Big Pharma R&D exec John Davis, formerly of Pfizer, to serve as the company’s new chief medical officer.
Magenta plans to list on the Nasdaq under the stock symbol $MGTA.
The best place to read Endpoints News? In your inbox.
Comprehensive daily news report for those who discover, develop, and market drugs. Join 33,400+ biopharma pros who read Endpoints News by email every day.Free Subscription