Press Releases
Magen
BioSciences Secures Seed Financing
BOSTON (March 21, 2006)
-- 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 (ILMN), Adolor Corporation
(ADLR), deCode Genetics, Inc. (DCGN), Caliper Life Sciences,
Inc. (CALP), Array Biopharma (ARRY), Xenoport (XNPT), Alnylam
Pharmaceuticals (ALNY), IDUN Pharmaceuticals, Trubion Pharmaceuticals,
Ikaria, Inc., and Nanosys, among others. ARCH has offices in
Seattle, Austin, Chicago, and Albuquerque. 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 (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.
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. (AAPL); Check
Point Software Technologies, Inc.(CHKP); DoubleClick, Inc.(DCLK);
Intel Corporation (INTC); Mentor Graphics Corporation (MENT);
Spyglass, Inc. (SPYG); StrataCom, Inc. (STRM); and 3Com Corporation
(COMS). In the healthcare sector, Venrock has invested in IDEXX
Laboratories, Inc. (IDXX); Athena Neurosciences, Inc. (ATHN);
Caliper Technologies Corporation (CALP); Centocor, Inc. (CNTO);
Genetics Institute (GENIZ); Idec Pharmaceuticals Corporation
(BIIB); Illumina, Inc. (ILMN); Millennium Pharmaceuticals,
Inc. (MLNM); and Triangle Pharmaceuticals, Inc (VIRS). With
offices in New York City, Cambridge, MA, and Menlo Park, CA,
Venrock is well positioned to respond to opportunities in any
locale. www.venrock.com.
CONTACT:
Sandra Luikenhuis
sluikenhuis@magenbiosciences.com
Office: (617) 494
8732 x2206
Cell : (617) 792
7154
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