Magnet Biomedicine – a biotechnology company advancing molecular glue discovery with rational selection and design – recently announced a $50 million Series A financing co-led by founding and initial investor Newpath Partners and ARCH Venture Partners. And 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 funding round will support Magnet’s differentiated approach to the discovery and development of TrueGlues (compounds that induce cooperative protein–protein interactions). This investment will further enable advancement of its diverse portfolio of programs spanning several indications, including cardiovascular disease, oncology, and immune disorders.
Magnet was founded by 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. And the company is led by President and Chief Scientific Officer, Brian Safina, Ph.D.
Magnet’s TrueGlue discovery platform offers state-of-the-art screening technologies using proprietary and diverse chemical libraries and human-biology-driven target selection to identify TrueGlues. And 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 for addressing diseases strongly supported by human biology, with clinically and genetically validated targets and clear opportunities to improve treatment options for patients.
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 several 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
KEY QUOTES:
“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. 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.”
— Stuart Schreiber, Ph.D., Scientific Co-founder of Magnet
“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. We are grateful for the support from ARCH and Newpath as we progress this novel approach.”
— Brian Safina, Ph.D., President and Chief Scientific Officer of Magnet
“Magnet is advancing a unique approach to molecular glue discovery that offers opportunities to expand the scope of addressable protein targets. Their scientific leadership is driving forward a new way of creating novel medicines to reach patients across a vast range of indications.”
— Thomas Cahill, M.D., Ph.D., Founder and Managing Partner at Newpath 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.”
— Kristina Burow, Managing Director at ARCH Venture Partners.
