BOSTON, March 21 /PRNewswire/ -- Magen BioSciences, Inc., a biotechnology company developing agents to promote the health and appearance of human skin, announced today that it has secured $1.8 million in a seed investment round. ARCH Venture Partners, TVM Capital, and Venrock Associates co-led the financing, with participation from Alexandria Real Estate and Lux Capital. As part of this investment, Steven Gillis, venture partner of ARCH Venture Partners, cofounder of Immunex Corporation and cofounder and CEO of Corixa Corporation; and Stephen Hoffman, TVM Capital general partner, and cofounder and former CEO of Allos Therapeutics, Inc. join the company’s Board of Directors.
Magen was founded by a well-known group of biotechnology entrepreneurs and investors. Founding board members and significant investors include Rich Aldrich, founder of RA Capital, cofounder of Altus Pharmaceuticals, Inc., and founding employee of Vertex Pharmaceuticals, Inc.; David Fisher, Harvard Professor and Director of the Dana-Farber Cancer Institute Melanoma Program; Phillip Sharp, MIT Professor, National Academy of Sciences and Nobelist, and cofounder of Alnylam Pharmaceuticals, Inc. and Biogen; David Shaw, founder of IDEXX Laboratories and managing partner of Black Point Group; Christopher Walsh, Harvard Professor, National Academy of Sciences member and cofounder of Genzyme Corp. and Vicuron Pharmaceuticals, Inc.; Christoph Westphal, cofounder and CEO of Sirtris Pharmaceuticals, Inc. and cofounder and former CEO of Alnylam Pharmaceuticals, Inc. and Momenta Pharmaceuticals, Inc.; and MIT Professor Robert Langer, member of the National Academy of Sciences and the National Academy of Engineering and cofounder of Momenta Pharmaceuticals, Inc. who will also serve on the scientific advisory board.
About Magen BioSciences
Magen BioSciences is focused on promoting the health and appearance of human skin. Magen was cofounded by Rich Aldrich, David Fisher, Phillip Sharp, David Shaw, Christopher Walsh and Christoph Westphal.
About ARCH Venture Partners
Founded in 1986, ARCH specializes in creating early-stage companies from basic research, and has over $1.1 billion under management in six venture funds. ARCH has partnered with entrepreneurs, academic institutions, and national research laboratories nationwide to build more than 120 companies in the fields of life science, physical sciences, and information technology. ARCH’s early-stage life science investments include Illumina, Adolor Corporation, deCode Genetics, Inc., Caliper Life Sciences, Inc., Array Biopharma, Xenoport, Alnylam Pharmaceuticals, IDUN Pharmaceuticals, Trubion Pharmaceuticals, Ikaria, Inc., and Nanosys, among others. ARCH has offices in Seattle, Austin, Chicago, and Albuquerque. http://www.archventure.com.
About TVM Capital
TVM Capital (formerly Techno Venture Management) was founded in 1983 as one of the first venture capital firms formed in Germany, and an early entrant into the US market in 1986. Since inception TVM has raised over 1.3 billion euro (approximately $1.6 billion) in six fund generations and has established itself as a leading technology investment group in the United States and Europe. TVM funds have made investments in more than 220 life sciences and information technology companies where innovation, effective management and sound financial backing have enormous impact on company growth. TVM’s in-depth knowledge of the U.S. and European environments helps companies create businesses that enjoy access to science, management talent, distribution channels and capital on both sides of the Atlantic. More than 40 companies have gone public at European or US stock exchanges. Today, TVM Capital is actively invested in more than 60 companies. http://www.tvm-capital.com.
About Venrock Associates
Founded as the venture capital arm of the Rockefeller Family in 1969, Venrock continues a six-decade tradition of funding outstanding entrepreneurs and establishing successful, enduring companies. Having invested more than $1.3 billion into 360 companies over the past 37 years, Venrock is one of the most established venture firms in the United States. Venrock’s activities have focused on early-stage ventures in information technology, with investments in Apollo Computer, Inc.; Apple Computer, Inc.; Check Point Software Technologies, Inc.; DoubleClick, Inc.; Intel Corporation; Mentor Graphics Corporation; Spyglass, Inc.; StrataCom, Inc.; and 3Com Corporation. In the healthcare sector, Venrock has invested in IDEXX Laboratories, Inc.; Athena Neurosciences, Inc.; Caliper Technologies Corporation; Centocor, Inc.; Genetics Institute; Idec Pharmaceuticals Corporation; Illumina, Inc.; Millennium Pharmaceuticals, Inc.; and Triangle Pharmaceuticals, Inc. With offices in New York City, Cambridge, MA, and Menlo Park, CA, Venrock is well positioned to respond to opportunities in any locale. http://www.venrock.com.
Magen BioSciences
CONTACT: Sandra Luikenhuis of Magen BioSciences, +1-617-603-6323,sluikenhuis@magenbiosciences.com
Web site: http://www.magenbiosciences.com//
