Ma­gen­ta Ther­a­peu­tics un­veils plans to raise $100M in IPO weeks af­ter a crossover round

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.

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