Press Releases

Magen BioSciences, Inc. Raises $15.4 Million in Funding

CAMBRIDGE, Mass., August 28, 2006/PR Newswire -- Magen BioSciences, Inc., a dermatology, specialty pharmaceutical company, today announced that it has secured $15.4 million dollars in new Series A financing. Highland Capital Partners led the round which included new investors IDG Ventures and QVT Financial LP, and previous investors Alexandria Real Estate, ARCH Venture Partners, Lux Capital, TVM Capital, and Venrock Associates. In conjunction with the financing, Highland’s Robert Higgins will join Magen’s board of directors.

“Magen has innovative science and strong leadership with the ability to successfully execute a development plan,” stated Higgins, Managing General Partner with Highland. “We are pleased to be part of this very talented team of investors, scientists and managers.”

“Adding the expertise and insight of investors such as Highland Capital Partners to our board will complement Magen’s existing significant intellectual capital,” said Magen President and CEO, Brian Gallagher, Ph.D. “We are incredibly fortunate to have top tier venture firms, individual investors, and outstanding scientists and thought leaders actively supporting our work and contributing to our efforts.”

“Magen is strongly positioned to grow and to continue to focus on developing dermatology treatments that will better serve previously underserved patient populations,” commented Phillip Sharp, Ph.D., Nobel Laureate, Biogen Idec and Alnylam founder, and Magen board member and founder.

David Fisher, M.D., Ph.D., Magen board member and founder added, “Magen is committed to providing innovative, therapeutic treatments for the skin and this funding is a tremendous vote of confidence in our science and work to date.” Dr. Fisher is director of the melanoma program at Dana-Farber Cancer Institute and is a professor at Harvard Medical School.

Proceeds from this financing will be used to further develop and expand Magen’s therapeutic programs and operations.

About Magen BioSciences

Magen BioSciences is a specialty pharmaceutical company currently focused on developing proprietary medical therapies for the dermatology market. Magen was cofounded in March 2006 by Richard Aldrich, David Fisher, M.D. Ph.D., Phillip Sharp, Ph.D., David Shaw, Christopher Walsh, Ph.D. and Christoph Westphal, M.D., Ph.D. Investors include Alexandria Real Estate, ARCH Venture Partners, Highland Capital Partners, IDG Ventures, Lux Capital, QVT Financial LP, TVM Capital and Venrock Associates.

Contact:

Sandra Luikenhuis
sluikenhuis@magenbiosciences.com
Office: (617) 494 8732 x2206
Cell : (617) 792 7154