Cision PR Newswire
Magnet Biomedicine Emerges from Stealth with $50 Million to Advance Rational Approach to Molecular Glues with TrueGlue™ Discovery Platform
News provided byMagnet Biomedicine
Sep 19, 2023, 6:30 AM ET
Company's TrueGlue™ discovery platform leverages cutting-edge technology to identify next-generation molecular glues that harness approaches beyond protein degradation
Series A financing co-led by Newpath Partners and ARCH Venture Partners
Co-founded by molecular glue pioneer Stuart Schreiber, and world-renowned scientists Michael Rosbash, Benjamin Cravatt, Richa Saxena, and David Spiegel
CAMBRIDGE, Mass., Sept. 19, 2023 /PRNewswire/ -- Magnet Biomedicine, a biotechnology company advancing molecular glue discovery with rational selection and design, today announced a $50 million Series A financing co-led by founding and initial investor, Newpath Partners, and ARCH Venture Partners. Magnet is reimagining what is achievable with molecular glues by looking beyond known protein–protein interactions and analyzing the broad protein landscape to pair target proteins with rationally selected presenter proteins to drive therapeutic effects.
The financing will support Magnet's differentiated approach to the discovery and development of TrueGlues™—compounds that induce cooperative protein–protein interactions. The investment will further enable advancement of its diverse portfolio of programs spanning several indications, including cardiovascular disease, oncology, and immune disorders.
A Rational Approach to Molecular Glues
Magnet was founded by world-leading molecular glue researcher Stuart Schreiber, Ph.D., 2017 Nobel Laureate Michael Rosbash, Ph.D., chemoproteomics pioneer Benjamin Cravatt, Ph.D., human geneticist Richa Saxena, Ph.D., and chemical biologist David Spiegel, M.D., Ph.D. The company is led by President and Chief Scientific Officer, Brian Safina, Ph.D.
"Molecular glues offer expansive potential to transform human medicine. Recent advancements, however, have been narrowly focused on tangential approaches such as degradation, leaving much of the potential of true molecular glues untapped," said Stuart Schreiber, Ph.D., Scientific Co-founder of Magnet. "Technological advancement and innovation in proteomics, high-throughput screening, and bioinformatics are fueling renewed interest in molecular glues—bringing opportunities for rational selection and design of clinically impactful molecular glues within our scientific reach."
Magnet's TrueGlue discovery platform combines state-of-the-art screening technologies using proprietary and diverse chemical libraries and human-biology-driven target selection to identify TrueGlues. These small molecules harness approaches beyond protein degradation and offer notable benefits such as restricting drug effects to disease-relevant tissues to avoid toxicities, inducing biological synergy on defined targets, mimicking monoclonal antibodies, and targeting historically undruggable proteins. Magnet is initially progressing TrueGlues to address diseases strongly supported by human biology, with clinically and genetically validated targets and clear opportunities to improve treatment options for patients.
"Our TrueGlue discovery platform enables us to take a broad view of the protein landscape to develop a new class of molecular glues capable of facilitating novel protein–protein interactions with the potential to drive clinically meaningful therapeutic responses in patients," said Brian Safina, Ph.D., President and Chief Scientific Officer of Magnet. "We are grateful for the support from ARCH and Newpath as we progress this novel approach."
"Magnet is advancing a unique approach to molecular glue discovery that offers opportunities to expand the scope of addressable protein targets," said Thomas Cahill, M.D., Ph.D., Founder and Managing Partner at Newpath Partners. "Their scientific leadership is driving forward a new way of creating novel medicines to reach patients across a vast range of indications."
Magnet Leadership, Board & Co-founders
Magnet is led by industry veterans with deep expertise spanning the biotech and pharma sectors:
- Brian Safina, Ph.D., President and Chief Scientific Officer
- Bret Williams, Ph.D., Vice President of Biology
- Matthew Hayward, Ph.D., Vice President of Drug Discovery
- Jennifer Franklin, Vice President of Administration & Operations
The company's platform and approach are born from pioneering research from renowned scientific co-founders:
- Stuart Schreiber, Ph.D., Broad Institute, Harvard University
- Michael Rosbash, Ph.D., Brandeis University, Nobel Laureate (2017)
- Benjamin Cravatt, Ph.D., The Scripps Research Institute
- Richa Saxena, Ph.D., Massachusetts General Hospital, Broad Institute
- David Spiegel, M.D., Ph.D., Yale University
Magnet's Board of Directors includes:
- Thomas Cahill, M.D., Ph.D., Founder and Managing Partner at Newpath Partners
- Kristina Burow, Managing Director at ARCH Venture Partners
"With a stellar team and industry-leading foundational science from leaders in the molecular glue landscape, Magnet is poised to drive new innovation and bring forth a robust portfolio of novel molecular glue medicines with the potential to transform the way we address human disease," said Kristina Burow, Managing Director at ARCH Venture Partners.
About Magnet Biomedicine
Magnet Biomedicine is a biotechnology company advancing molecular glue discovery with rational selection and design. The company's TrueGlue discovery platform applies cutting-edge advancements in human biology and proteomics to identify fit-for-purpose glues that maximize therapeutic impact and offer prominent benefits such as improving selectivity, inducing biological synergy on defined targets, and addressing historically undruggable proteins. Magnet is harnessing the vast untapped potential of TrueGlues to tackle multiple disease areas and biological mechanisms, including cancer, cardiovascular disease, and immune disorders. For more information, visit our website magnetbio.com or follow us on LinkedIn and X, formerly known as Twitter.
About Newpath Partners
Newpath Partners is a life science and biotechnology venture firm focused on creating companies with world-leading academic scientists to pioneer revolutionary therapeutics intended to mitigate suffering and death from disease. With each investment, Newpath seeks to optimize performance by aligning the interests of academic founders, management teams, and investor groups. Newpath is dedicated to excellent science and to forming partnerships based on trust and a shared vision. To learn more, visit www.newpath.partners.
About ARCH Venture Partners
ARCH Venture Partners creates and invests in groundbreaking life science and technology companies. The firm is a recognized leader in commercializing technologies developed at academic institutions, corporate research groups and national laboratories. ARCH invests primarily in companies it co-founds with leading scientists and entrepreneurs, bringing innovations in life sciences and physical sciences to market.
For more information, visit www.archventure.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/magnet-biomedicine-emerges-from-stealth-with-50-million-to-advance-rational-approach-to-molecular-glues-with-trueglue-discovery-platform-301931015.html
SOURCE Magnet Biomedicine
NOTE: This content is not written by or endorsed by "WAVY", its advertisers, or Nexstar Media Inc.