Magnet Biomedicine, a Cambridge, MA-based biotechnology company advancing molecular glue discovery with rational selection and design, raised $50M in funding.
The round was led by Newpath Partners, and ARCH Venture Partners.
The company intends to use the funds to expand its development efforts for TrueGlues™—compounds that induce cooperative protein–protein interactions. Its diverse portfolio of programs span several indications, including cardiovascular disease, oncology, and immune disorders.
Co-founded by molecular glue pioneer Stuart Schreiber, and scientists Michael Rosbash, Benjamin Cravatt, Richa Saxena, and David Spiegel, and led by 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, Magnet Biomedicine is a biotechnology company that leverages TrueGlue discovery platform, which applies advancements in human biology and proteomics, to identify fit-for-purpose glues that optimize therapeutic impact and offer benefits such as improving selectivity, inducing biological synergy on defined targets, and addressing historically undruggable proteins. Magnet is harnessing the untapped potential of TrueGlues to tackle multiple disease areas and biological mechanisms, including cancer, cardiovascular disease, and immune disorders.
