MGTA Magenta Therapeutics Inc.

7.72
-0.31  -4%
Previous Close 8.03
Open 8.13
52 Week Low 5.76
52 Week High 16.19
Market Cap $372,511,029
Shares 48,252,724
Float 29,614,499
Enterprise Value $210,968,373
Volume 773,658
Av. Daily Volume 277,283
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Upcoming Catalysts

Drug Stage Catalyst Date
MGTA-117
Conditioning for stem cell transplant
Phase 1
Phase 1
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Drug Pipeline

Drug Stage Notes
MGTA-145
Allogeneic and autologous transplant
Phase 2
Phase 2
Phase 2 trial to be initiated.
MGTA-456
Acute Lymphoblastic Leukemia
Phase 2
Phase 2
Phase 2 enrollment has been completed.

Latest News

  1. Magenta Therapeutics (NASDAQ:MGTA), a clinical-stage biotechnology company developing novel medicines to bring the curative power of immune reset to more patients, today announced that the company will participate in the following September investor conferences:

    • Cantor Virtual Global Healthcare Conference, presentation at 8:00 a.m. ET on Wednesday, September 16
    • Oppenheimer Virtual Fall Healthcare Life Sciences & MedTech Summit, presentation at 10:50 a.m. ET on Wednesday, September 23

    Live webcasts can be accessed on the Magenta Therapeutics website at https://investor.magentatx.com/events-and-presentations. The webcast replays will be available for 90 days following each event.

    About Magenta Therapeutics

    Magenta Therapeutics is a…

    Magenta Therapeutics (NASDAQ:MGTA), a clinical-stage biotechnology company developing novel medicines to bring the curative power of immune reset to more patients, today announced that the company will participate in the following September investor conferences:

    • Cantor Virtual Global Healthcare Conference, presentation at 8:00 a.m. ET on Wednesday, September 16
    • Oppenheimer Virtual Fall Healthcare Life Sciences & MedTech Summit, presentation at 10:50 a.m. ET on Wednesday, September 23

    Live webcasts can be accessed on the Magenta Therapeutics website at https://investor.magentatx.com/events-and-presentations. The webcast replays will be available for 90 days following each event.

    About Magenta Therapeutics

    Magenta Therapeutics is a clinical-stage biotechnology company developing medicines to bring the curative power of immune system reset through stem cell transplant to more patients with autoimmune diseases, genetic diseases and blood cancers. Magenta is combining leadership in stem cell biology and biotherapeutics development with clinical and regulatory expertise, a unique business model and broad networks in the stem cell transplant world to revolutionize immune reset for more patients.

    Magenta is based in Cambridge, Mass. For more information, please visit www.magentatx.com.

    Follow Magenta on Twitter: @magentatx.

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  2. – NIH grant funds an interdisciplinary effort among researchers from University of Southern California; University of Washington and Fred Hutchinson Cancer Research Center; Harvard University and Massachusetts General Hospital; the Ragon Institute; and Magenta Therapeutics –

    Magenta will utilize its tool CD45 and CD117 antibody-drug conjugate (ADC) conditioning agents, as well as its stem cell biology platform to identify the optimal strategy for curative immune system transplant in patients with HIV –

    Magenta Therapeutics (NASDAQ:MGTA), a clinical-stage biotechnology company developing novel medicines to bring the curative power of immune reset to more patients, today announced it is part of a multi-project, broad-based research effort…

    – NIH grant funds an interdisciplinary effort among researchers from University of Southern California; University of Washington and Fred Hutchinson Cancer Research Center; Harvard University and Massachusetts General Hospital; the Ragon Institute; and Magenta Therapeutics –

    Magenta will utilize its tool CD45 and CD117 antibody-drug conjugate (ADC) conditioning agents, as well as its stem cell biology platform to identify the optimal strategy for curative immune system transplant in patients with HIV –

    Magenta Therapeutics (NASDAQ:MGTA), a clinical-stage biotechnology company developing novel medicines to bring the curative power of immune reset to more patients, today announced it is part of a multi-project, broad-based research effort awarded a five-year, $14.6 million U19 grant from the National Institutes of Health (NIH) to explore gene- and cell-based approaches to advance research into curing HIV.

    This cross-institutional research program brings together leaders in the fields of gene editing, HIV and stem cell transplant. The team, which includes researchers from the University of Southern California, the University of Washington, the Fred Hutchinson Cancer Research Center, Harvard University, Massachusetts General Hospital; the Ragon Institute and Magenta Therapeutics, will explore novel hematopoietic stem and progenitor cell (HSPC) engineering and transplantation approaches aimed at achieving complete remission of HIV-1 infection.

    "We are excited to collaborate with our colleagues in this important multi-institution research team to help advance gene editing approaches with our novel targeted antibody drug conjugate (ADC) conditioning platform to one day be able to cure patients living with HIV," said John Davis Jr., M.D., M.P.H., M.S., Head of Research & Development and Chief Medical Officer, Magenta. "These studies leverage our proprietary stem cell biology pipeline and ADC platform to provide important insights into which conditioning strategy is best suited to aim for HIV."

    Magenta will utilize its conditioning technology to optimize cell dose in animal models and determine whether targeted conditioning and gene-modified HSPC transplant enables disease control.

    About Magenta Therapeutics

    Magenta Therapeutics is a clinical-stage biotechnology company developing medicines to bring the curative power of immune system reset through stem cell transplant to more patients with autoimmune diseases, genetic diseases and blood cancers. Magenta is combining leadership in stem cell biology and biotherapeutics development with clinical and regulatory expertise, a unique business model and broad networks in the stem cell transplant world to revolutionize immune reset for more patients.

    Magenta is based in Cambridge, Mass. For more information, please visit www.magentatx.com.

    Follow Magenta on Twitter: @magentatx.

    Forward-Looking Statement

    This press release may contain forward-looking statements and information within the meaning of The Private Securities Litigation Reform Act of 1995 and other federal securities laws. The use of words such as "may," "will," "could", "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "projects," "seeks," "endeavor," "potential," "continue" or the negative of such words or other similar expressions can be used to identify forward-looking statements. The express or implied forward-looking statements included in this press release are only predictions and are subject to a number of risks, uncertainties and assumptions, including, without limitation risks set forth under the caption "Risk Factors" in Magenta's Annual Report on Form 10-K filed on March 3, 2020, as updated by Magenta's most recent Quarterly Report on Form 10-Q and its other filings with the Securities and Exchange Commission. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although Magenta believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, except as required by law, neither Magenta nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements included in this press release. Any forward-looking statement included in this press release speaks only as of the date on which it was made. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

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  3. Magenta Therapeutics (NASDAQ:MGTA), a clinical-stage biotechnology company developing novel medicines to bring the curative power of immune reset to more patients, today announced the appointment of two new executives, Lisa M. Olson, Ph.D., as Chief Scientific Officer and Kevin B. Johnson, Ph.D., as Senior Vice President, Head of Regulatory and Quality. The Company also announced that Jason Ryan will transition from Chief Operating and Financial Officer to a consulting role for personal reasons while a search for his replacement is conducted.

    "With the additions of Lisa and Kevin to our team, Magenta continues to deepen our technical expertise, bolstering our strong discovery, research, development and regulatory leadership to further our…

    Magenta Therapeutics (NASDAQ:MGTA), a clinical-stage biotechnology company developing novel medicines to bring the curative power of immune reset to more patients, today announced the appointment of two new executives, Lisa M. Olson, Ph.D., as Chief Scientific Officer and Kevin B. Johnson, Ph.D., as Senior Vice President, Head of Regulatory and Quality. The Company also announced that Jason Ryan will transition from Chief Operating and Financial Officer to a consulting role for personal reasons while a search for his replacement is conducted.

    "With the additions of Lisa and Kevin to our team, Magenta continues to deepen our technical expertise, bolstering our strong discovery, research, development and regulatory leadership to further our goal of delivering curative immune reset to patients in need," said Jason Gardner, D.Phil., Chief Executive Officer and President, Magenta Therapeutics. "We are delighted to welcome Lisa and Kevin on board and look forward to their many contributions to the Magenta mission."

    As Chief Scientific Officer, Dr. Olson will provide strategic direction, oversight and execution for Magenta's research and discovery efforts. This entails driving research strategy as Magenta continues to optimize its preclinical and clinical pipeline. She will join the executive team and will be a key member of the R&D leadership team.

    Dr. Olson is an experienced senior-level pharmaceutical executive, with more than 20 years of experience in research and drug discovery. She comes to Magenta following 15 years in leadership positions at the AbbVie Bioresearch Center, most recently as Vice President, Immunology Discovery and Site Head, where she was responsible for all immunology discovery scientific and portfolio decisions, including new target approval, project advancement and licensing opportunities. Under her leadership, 15 molecules advanced into clinical development, including Upadacitinib that launched last year as Rinvoq™. Prior to AbbVie, she served as a Research Fellow and Group Leader in Inflammation & Immunology at Pfizer, Inc. She began her career as an Assistant Professor at Washington University School of Medicine, following a post-doctoral cardiovascular fellowship at the University of Chicago.

    Dr. Olson holds a Ph.D. from the University of Illinois at Urbana-Champaign and a Bachelor of Science from Iowa State University.

    As Senior Vice President, Head of Regulatory and Quality, Dr. Johnson will lead Magenta's global regulatory strategy for the Company's programs across multiple therapeutic areas. He will also be responsible for the oversight and accountability for all quality activities to enable Good Practice (GxP) functions across the portfolio. In this role, Dr. Johnson will provide strategic guidance and leadership to members of the R&D leadership team and the regulatory and quality teams for Magenta's portfolio for all phases of product lifecycle.

    Dr. Johnson bring years of regulatory, quality assurance and development leadership, coming to Magenta from Imara, Inc., where he served as Senior Vice President, Regulatory Affairs, Quality and Pharmacovigilance, leading successful requests for several regulatory designations with the U.S. Food and Drug Administration (FDA). Prior to his time at Imara, Dr. Johnson led global regulatory strategy and implementation for breakthrough therapy-designated rare disease development programs at Vtesse, later acquired by Sucampo. He also served as Director, Global Regulatory Affairs for Rare Diseases and Gene Therapies at GlaxoSmithKline, where he was part of on the international regulatory team for the European approval of the gene therapy Strimvelis® for ADA-SCID, and subsequently secured Regenerative Medicine Advanced Therapy (RMAT) designation for a retinal gene therapy product.

    Dr. Johnson holds a Ph.D. in Neurobiology from the University of North Carolina (UNC) School of Medicine; a Master of Business Administration from the Kenan-Flagler School of Business, UNC; and a Bachelor of Science in Chemistry from the University of South Florida.

    Along with these leadership team additions, Magenta also announced today that Jason Ryan, Chief Operating and Financial Officer, will step down from that role at the end of September. He will continue to contribute to Magenta in a consulting capacity, and the Company has commenced a search for a replacement.

    "Jason has been a dynamic and reliable leader at Magenta since he joined us in 2019, leading finance and operations, contributing to our strategic planning efforts, and spearheading two financings during a period of significant growth," said Gardner. "We are truly grateful for his contributions to the patients we seek to serve, our employees and business partners."

    About Magenta Therapeutics

    Magenta Therapeutics is a clinical-stage biotechnology company developing medicines to bring the curative power of immune system reset through stem cell transplant to more patients with autoimmune diseases, genetic diseases and blood cancers. Magenta is combining leadership in stem cell biology and biotherapeutics development with clinical and regulatory expertise, a unique business model and broad networks in the stem cell transplant world to revolutionize immune reset for more patients.

    Magenta is based in Cambridge, Mass. For more information, please visit www.magentatx.com.

    Follow Magenta on Twitter: @magentatx.

    Forward-Looking Statement

    This press release may contain forward-looking statements and information within the meaning of The Private Securities Litigation Reform Act of 1995 and other federal securities laws. The use of words such as "may," "will," "could", "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "projects," "seeks," "endeavor," "potential," "continue" or the negative of such words or other similar expressions can be used to identify forward-looking statements. The express or implied forward-looking statements included in this press release are only predictions and are subject to a number of risks, uncertainties and assumptions, including, without limitation risks set forth under the caption "Risk Factors" in Magenta's Annual Report on Form 10-K filed on March 3, 2020, as updated by Magenta's most recent Quarterly Report on Form 10-Q and its other filings with the Securities and Exchange Commission. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although Magenta believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, except as required by law, neither Magenta nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements included in this press release. Any forward-looking statement included in this press release speaks only as of the date on which it was made. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

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  4. Magenta to present five abstracts showcasing data across clinical and pre-clinical pipeline, including mobilization and conditioning programs –

    Phase I clinical trial results confirm that MGTA-145 demonstrates same-day mobilization and collection of highly functional hematopoietic stem cells (HSCs) for transplant –

    Preclinical data from studies of Magenta's CD45-ADC conditioning agent demonstrate successful immune reset to halt disease progression in multiple models of sclerosis, systemic sclerosis and inflammatory arthritis; as well as the ability to achieve complete chimerism in allogeneic hematopoietic stem cell transplant (HSCT) –

    Magenta Therapeutics (NASDAQ:MGTA), a clinical-stage biotechnology company developing novel medicines…

    Magenta to present five abstracts showcasing data across clinical and pre-clinical pipeline, including mobilization and conditioning programs –

    Phase I clinical trial results confirm that MGTA-145 demonstrates same-day mobilization and collection of highly functional hematopoietic stem cells (HSCs) for transplant –

    Preclinical data from studies of Magenta's CD45-ADC conditioning agent demonstrate successful immune reset to halt disease progression in multiple models of sclerosis, systemic sclerosis and inflammatory arthritis; as well as the ability to achieve complete chimerism in allogeneic hematopoietic stem cell transplant (HSCT) –

    Magenta Therapeutics (NASDAQ:MGTA), a clinical-stage biotechnology company developing novel medicines to bring the curative power of stem cell transplant to more patients, today announced that data across the portfolio will be presented at the European Society for Blood and Marrow Transplantation (EBMT) annual meeting, held August 29 to September 1, 2020.

    "Our presentations at EBMT showcase Magenta's integrated approach towards bringing the curative power of blood and immune system reset through stem cell transplant to more patients and across more therapeutic areas," said John Davis Jr., M.D., M.P.H., M.S., Head of Research & Development and Chief Medical Officer, Magenta Therapeutics. "We are making significant strides towards expanding eligibility and improving patient outcomes given the far-reaching potential of our programs. We are relentlessly focused on progressing our programs forward and further into the clinic and are encouraged by our steady progress. We look forward to our continued momentum across our pipeline."

    All posters will be available to view on the EBMT website beginning Saturday, August 29 at 6:30am EDT / 12:30pm CET. Visitors can view the posters by accessing the Scientific Programme and selecting "ePoster viewing."

    Clinical Data from MGTA-145 First-Line Stem Cell Mobilization Program:

    Magenta is developing MGTA-145 as the new first-line standard of care for stem cell mobilization in a broad range of diseases, including autoimmune diseases, blood cancers and genetic diseases, such as sickle cell disease. MGTA-145, a CXCR2 agonist, works in combination with plerixafor, a CXCR4 antagonist, harnessing the physiological mechanism of stem cell mobilization to rapidly and robustly mobilize stem cells for collection and transplant.

    Title: Phase 1 Clinical Study of MGTA-145 In Combination with Plerixafor Shows Rapid Single-Day Mobilization and Collection of CD34+ HSCs Without G-CSF (Abstract #B385)

    Presenting Author: John DiPersio, M.D., Ph.D., Professor of Medicine and Chief of the Oncology Division, Washington University School of Medicine, St. Louis, Missouri

    These data provide further confirmation that MGTA-145, in combination with plerixafor, enables the same-day mobilization and collection of highly functional hematopoietic stem cells (HSCs) for transplant. Earlier this year, Magenta completed dosing in this Phase 1 trial, achieving all primary and secondary endpoints. In the second half of 2020, the Company plans to move the MGTA-145 program into multiple Phase 2 clinical trials to include both allogeneic and autologous transplant settings across multiple diseases. These trials will evaluate mobilization and collection of functional HSCs and engraftment of these cells after transplant.

    Preclinical Data from Magenta's Antibody-Drug Conjugate Conditioning Programs

    Targeted, disease-modifying antibody-drug conjugates (ADCs) are designed to selectively and rapidly remove disease-causing cells in the body and enable immune and blood system reset and long-term engraftment, without the need for aggressive chemotherapy or radiation.

    MGTA-117, the clinical candidate for ADC-based conditioning for stem cell transplant and gene therapy and Magenta's most advanced conditioning program, is on track with IND-enabling toxicology studies ongoing and progress in GMP manufacturing. Magenta expects to generate initial clinical data in 2021.

    Title: A Single Dose of Short Half-Life CD117 Antibody Drug Conjugate Enables Hematopoietic Stem Cell-Based Gene Therapy in Non-Human Primates (Abstract #O076)

    Presenting Author: Rahul Palchaudhuri, Ph.D., Magenta Therapeutics, Cambridge, Mass.

    This collaborative study with the National Institutes of Health (NIH) demonstrates that a single dose of a tool CD117-ADC molecule in non-human primates enables successful transplant and long-term engraftment of HSCs modified with a lentiviral vector encoding the β-globin gene, the gene that causes sickle cell disease and β-thalassemia. The ADC was well tolerated with none of the significant side effects that are seen with myeloablative dosing of busulfan chemotherapy.

    Title: A Novel Targeted Approach to Achieve Immune System Reset: CD45-Targeted Antibody-Drug Conjugates Ameliorate Disease in Preclinical Autoimmune Disease Models and Enable Auto HSCT (Abstract #O030)

    Presenting Author: Geoff Gillard, Ph.D., Magenta Therapeutics, Cambridge, Mass.

    Magenta's CD45-ADC program targets CD45, a protein expressed on immune cells and blood stem cells, and is designed to remove the cells that cause autoimmune diseases to enable curative immune reset. Magenta has identified a lead antibody for this program and IND-enabling work on CD45-ADC is progressing in 2020.

    Preclinical data in this abstract show that a single dose of CD45-ADC removed disease-causing T-cells, enabling successful immune reset to halt disease progression and was well tolerated in three models of autoimmune disease: multiple sclerosis, systemic sclerosis and inflammatory arthritis.

    Title: A CD45-Targeted Antibody Drug Conjugate Enables Allogeneic Hematopoietic Stem Cell Transplantation as a Single Agent in Mice (Abstract #A174)

    Presenting Author: Sharon Hyzy, M.S., Magenta Therapeutics, Cambridge, Mass.

    Preclinical data in this abstract demonstrate that a single dose of CD45-ADC is fully myeloablative and enables complete chimerism in a full mismatch allogeneic hematopoietic stem cell transplant (HSCT), representing a substantial advance in establishing the potential of this targeted approach to conditioning to potently and safely enable immune reset in the allogeneic setting.

    Title: High Dose Stem Cell Therapies, like MGTA-456, Enable Complete Neural and Peripheral Disease Cross-Correction Through Rapid and Robust Hematopoietic Engraftment (Abstract #A325)

    Presenting Author: Kevin Goncalves, Ph.D., Magenta Therapeutics, Cambridge, Mass.

    Preclinical data in this abstract demonstrate rapid and durable peripheral, central nervous system (CNS) and skeletal disease cross-correction after transplantation of a high HSC dose. Mechanistic studies demonstrated that CNS disease cross-correction was due to robust microglial engraftment in the brain. MGTA-456 led to more robust microglial engraftment in NSG mice, suggesting that MGTA-456 may lead to rapid and durable disease resolution in the central nervous system.

    About Magenta Therapeutics

    Magenta Therapeutics is a clinical-stage biotechnology company developing medicines to bring the curative power of immune system reset through stem cell transplant to more patients with autoimmune diseases, genetic diseases and blood cancers. Magenta is combining leadership in stem cell biology and biotherapeutics development with clinical and regulatory expertise, a unique business model and broad networks in the stem cell transplant world to revolutionize immune reset for more patients.

    Magenta is based in Cambridge, Mass. For more information, please visit www.magentatx.com.

    Follow Magenta on Twitter: @magentatx.

    Forward-Looking Statement

    This press release may contain forward-looking statements and information within the meaning of The Private Securities Litigation Reform Act of 1995 and other federal securities laws. The use of words such as "may," "will," "could", "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "projects," "seeks," "endeavor," "potential," "continue" or the negative of such words or other similar expressions can be used to identify forward-looking statements. The express or implied forward-looking statements included in this press release are only predictions and are subject to a number of risks, uncertainties and assumptions, including, without limitation risks set forth under the caption "Risk Factors" in Magenta's Annual Report on Form 10-K filed on March 3, 2020, as updated by Magenta's most recent Quarterly Report on Form 10-Q and its other filings with the Securities and Exchange Commission. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although Magenta believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, except as required by law, neither Magenta nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements included in this press release. Any forward-looking statement included in this press release speaks only as of the date on which it was made. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

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  5. Collaborations announced with AVROBIO and Beam Therapeutics to evaluate potential usage of MGTA-117 in conditioning patients in gene therapy and gene editing settings, respectively —

    MGTA-145 to move into Phase 2 trials in autologous and allogeneic transplant in 2020, including allogeneic study in newly announced collaboration with National Marrow Donor Program® (NMDP)/Be The Match® -

    Ended quarter with $176.5 million in cash, cash equivalents and marketable securities –

    Completed public offering of common stock in June 2020, raising gross proceeds of $69.0 million, extending cash runway into the second half of 2022 –

    Magenta Therapeutics (NASDAQ:MGTA), a clinical-stage biotechnology company developing novel medicines to bring…

    Collaborations announced with AVROBIO and Beam Therapeutics to evaluate potential usage of MGTA-117 in conditioning patients in gene therapy and gene editing settings, respectively —

    MGTA-145 to move into Phase 2 trials in autologous and allogeneic transplant in 2020, including allogeneic study in newly announced collaboration with National Marrow Donor Program® (NMDP)/Be The Match® -

    Ended quarter with $176.5 million in cash, cash equivalents and marketable securities –

    Completed public offering of common stock in June 2020, raising gross proceeds of $69.0 million, extending cash runway into the second half of 2022 –

    Magenta Therapeutics (NASDAQ:MGTA), a clinical-stage biotechnology company developing novel medicines to bring the curative power of immune reset to more patients, today reported recent business highlights and financial results for the second quarter ended June 30, 2020.

    "Magenta had a very productive and impactful second quarter, executing three exciting collaborations that hold significant promise for patients. These collaborations will facilitate further validation and advancement of our conditioning and mobilization programs, with the goal of allowing more patients to benefit from these treatments," said Jason Gardner, D.Phil., President and Chief Executive Officer, Magenta. "We believe we are well positioned as we head into the second half of 2020 and beyond to make progress across our portfolio."

    Recent Business Highlights:

    In June 2020, Magenta announced a non-exclusive collaboration with Beam Therapeutics to evaluate the potential utility of MGTA-117, Magenta's novel targeted antibody drug conjugate (ADC) for conditioning of patients with sickle cell disease or beta-thalassemia receiving Beam's base editing therapies. Beam will be responsible for clinical trial costs related to development of Beam's base editors when combined with MGTA-117, while Magenta will continue to be responsible for all other development costs of MGTA-117. Magenta will also continue to develop MGTA-117 in other diseases, including blood cancers and genetic diseases. Each company will retain all commercial rights to their respective technologies.

    In May 2020, Magenta announced a collaboration with AVROBIO to evaluate the potential utility of MGTA-117, its novel targeted ADC, for conditioning patients with one or more AVROBIO investigational lentiviral gene therapies. The collaboration will combine Magenta's leadership in ADC-based conditioning with AVROBIO's expertise in lentiviral gene therapies and is expected to further the two companies' shared mission to allow patients to live free from disease. Under the collaboration, Magenta and AVROBIO will jointly evaluate MGTA-117 in conjunction with one or more of AVROBIO's investigational gene therapies. Magenta will retain all commercial rights to MGTA-117. AVROBIO will retain all commercial rights to its gene therapies and will be responsible for the clinical trial costs related to the evaluation of MGTA-117 with AVROBIO's gene therapies.

    In June 2020, Magenta announced a collaboration with the National Marrow Donor Program® (NMDP)/Be The Match® to evaluate the potential utility of MGTA-145 for mobilizing and collecting hematopoietic stem cells (HSCs) from donors in a single day and then using them for allogeneic transplants in patients. The collaboration builds upon the existing partnership between the two organizations announced in May 2017. Under the collaboration, Magenta and NMDP/Be The Match will run a Phase 2 clinical trial of MGTA-145 to mobilize and collect HSCs from donors which will then be transplanted into patients with blood cancers in need of a stem cell transplant. Magenta will retain all commercial rights to MGTA-145.

    In June 2020, Magenta announced that it completed a public offering of 8,625,000 shares of its common stock, including the exercise in full by the underwriters of their option to purchase an additional 1,125,000 shares, and raised gross proceeds of $69.0 million. Magenta intends to use the proceeds from this offering to advance its clinical and earlier stage programs and for research and development, working capital and general corporate purposes. The Company anticipates that its cash, cash equivalents and marketable securities, including the proceeds from this recent offering, will be sufficient to fund operations and capital expenditures into the second half of 2022.

    In April 2020, Magenta announced the promotion of John Davis Jr., M.D., M.P.H., M.S. to Head of Research and Development, in addition to his current role as Chief Medical Officer. Dr. Davis joined Magenta as Chief Medical Officer in 2018.

    Recent Program Updates:

    Conditioning –

    • MGTA-117, the lead clinical candidate for ADC-based conditioning for stem cell transplant and gene therapy and Magenta's most advanced conditioning program, is on track to complete IND-enabling toxicology studies and progress in GMP manufacturing in 2020. Magenta expects to generate initial clinical data in 2021.
    • Magenta presented preclinical data on its CD45-ADC program for immune reset at the European League Against Rheumatism (EULAR) annual meeting in June 2020. The data demonstrated that a single dose of CD45-ADC removed disease-causing reactive T cells, enabled successful immune reset to halt disease progression and was well tolerated in three models of autoimmune disease: multiple sclerosis, systemic sclerosis and inflammatory arthritis. Magenta has identified a lead antibody for this program, and IND-enabling work on CD45-ADC is progressing in 2020.
    • Data from the tool molecule CD117-ADC gene therapy conditioning program, presented in May 2020 at the ASGCT annual meeting, demonstrated that a single dose of CD117-ADC in non-human primates enabled successful transplant and long-term engraftment of HSCs modified with a lentiviral vector encoding the β-globin gene, the gene that causes sickle cell disease and β-thalassemia, with none of the side effects associated with busulfan conditioning. This represents the first-ever successful transplant of gene-modified cells in non-human primates, without the use of chemotherapy or radiation. Magenta built upon these data to declare a clinical development candidate for our CD117-ADC program, MGTA-117.

    Mobilization –

    • Magenta recently completed the Phase 1 trial of MGTA-145, Magenta's first-line stem cell mobilization therapy, in healthy donors. The study showed that, in combination with plerixafor, MGTA-145 was well tolerated and enabled same-day dosing, mobilization and collection of sufficient functional HSCs for transplant.
      • Based on the results of the Phase 1 study and a productive end of Phase 1 meeting with the U.S. Food and Drug Administration (FDA), Magenta intends to initiate multiple Phase 2 trials of MGTA-145 to include both allogeneic and autologous transplant settings.
      • In May 2020, the FDA's Office of Orphan Products and Development granted Orphan Drug Designation to MGTA-145 for the mobilization of HSCs to the peripheral blood for collection and subsequent transplant.
      • In May 2020, data presented at the American Society of Gene & Cell Therapy's (ASGCT) annual meeting provided further confirmation that MGTA-145, in combination with plerixafor, enables same-day mobilization of functional HSCs that can be gene-modified with CRISPR/Cas9 and mediate durable engraftment in preclinical models.

    MGTA-456 Cell Therapy –

    • Magenta announced in June 2020 its strategic decision to discontinue enrollment in its Phase 2 trial of MGTA-456 cell therapy in inherited metabolic diseases (IMDs). This decision was the result of several factors: enrollment challenges common to rare disease populations, which were heightened as a result of the COVID-19 pandemic; a growing understanding in the field of the current challenges of allogeneic stem cell transplant in patients with non-malignant diseases, such as IMDs; and feedback from the FDA on endpoints and clinical trial design for registration.
      • Enrollment in the Phase 2 investigator-initiated trial in patients with blood cancers is complete. The Company will use these data to inform a decision regarding future program development in blood cancers.

    COVID-19 Response:

    Magenta has continued to take steps to help ensure the safety of employees and their families and to reduce the spread of COVID-19 in the Cambridge community during the second quarter. While certain mitigation measures, including the stay-at-home order, have been relaxed within the Cambridge and Greater Boston communities, Magenta has continued to enforce a work-from-home policy for all employees, other than those performing or supporting business-critical laboratory-based experiments, such as certain members of the Company's laboratory and facilities staff. For those employees, Magenta implemented stringent safety measures designed to comply with applicable federal, state and local guidelines instituted in response to the COVID-19 pandemic and together with its internal, cross-function COVID-19 response team, continues to refine the protocols.

    Financial Results:

    Cash Position: Cash, cash equivalents and marketable securities as of June 30, 2020, were $176.5 million, compared to $145.7 million as of December 31, 2019. In addition, in June 2020 Magenta announced that it completed a public offering of common stock and raised proceeds of $64.6 million, net of underwriting discounts and commissions and offering costs. Magenta anticipates that its cash, cash equivalents and marketable securities will be sufficient to fund operations and capital expenditures into the second half of 2022.

    Research and Development Expenses: Research and development expenses were $12.6 million in the second quarter of 2020, compared to $13.4 million in the second quarter of 2019. The decrease was driven primarily by lower clinical trial costs due to the completion of MGTA-145 Phase 1 clinical trial in the first quarter of 2020, offset by investments in manufacturing related to our conditioning programs.

    General and Administrative Expenses: General and administrative expenses were $7.4 million for the second quarter of 2020, compared to $5.9 million for the second quarter of 2019. The increase was primarily due to an increase in personnel associated with the growth of the Company, in addition to an increase in patent related costs.

    Net Loss: Net loss was $19.1 million for the second quarter of 2020, compared to net loss of $17.7 million for the second quarter of 2019.

    About Magenta Therapeutics

    Magenta Therapeutics is a clinical-stage biotechnology company developing medicines to bring the curative power of immune system reset through stem cell transplant to more patients with autoimmune diseases, genetic diseases and blood cancers. Magenta is combining leadership in stem cell biology and biotherapeutics development with clinical and regulatory expertise, a unique business model and broad networks in the stem cell transplant world to revolutionize immune reset for more patients

    Magenta is based in Cambridge, Mass. For more information, please visit www.magentatx.com.

    Follow Magenta on Twitter: @magentatx.

    Forward-Looking Statement

    This press release may contain forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 and other federal securities laws, including express or implied statements regarding Magenta's future expectations, plans and prospects, including, without limitation, statements regarding expectations and plans for presenting pre-clinical and clinical data, projections regarding future revenues and financing performance, our long-term growth, cash, cash equivalents and marketable securities, the anticipated timing of our clinical trials and regulatory filings, the development of our product candidates and advancement of our preclinical programs, statements regarding Magenta's collaboration agreements with each of Beam Therapeutics, AVROBIO, and NMDP/Be The Match, including the timing, progress and success of each collaboration, the anticipated cost allocation and other commercial terms under each collaboration agreement, Magenta's strategy and business plan, as well as the future development, manufacture and commercialization between Magenta and its collaborators, as well as other statements containing the words "anticipate," "believe," "continue," "could," "endeavor," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "project," "seek," "should," "target," "will" or "would" and similar expressions that constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. The express or implied forward-looking statements included in this press release are only predictions and are subject to a number of risks, uncertainties and assumptions, including, without limitation: uncertainties inherent in clinical studies and in the availability and timing of data from ongoing clinical studies; whether interim results from a clinical trial will be predictive of the final results of the trial; whether results from preclinical studies or earlier clinical studies will be predictive of the results of future trials; the expected timing of submissions for regulatory approval or review by governmental authorities, including review under accelerated approval processes; orphan drug designation eligibility; regulatory approvals to conduct trials or to market products; whether Magenta's cash resources will be sufficient to fund Magenta's foreseeable and unforeseeable operating expenses and capital expenditure requirements; risks, uncertainties and assumptions regarding the impact of the continuing COVID-19 pandemic on Magenta's business, operations, strategy, goals and anticipated timelines, Magenta's ongoing and planned preclinical activities, Magenta's ability to initiate, enroll, conduct or complete ongoing and planned clinical trials, Magenta's timelines for regulatory submissions and Magenta's financial position; and other risks concerning Magenta's programs and operations are described in additional detail in its Annual Report on Form 10-K filed on March 3, 2020, its Quarterly Reports on Form 10-Q and its other filings made with the Securities and Exchange Commission from time to time. Although Magenta's forward-looking statements reflect the good faith judgment of its management, these statements are based only on facts and factors currently known by Magenta. As a result, you are cautioned not to rely on these forward-looking statements. Any forward-looking statement made in this press release speaks only as of the date on which it is made. Magenta undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

    Magenta Therapeutics, Inc.

    STATEMENTS OF OPERATIONS

    (unaudited)

    (In thousands, except share and per share data) 
                 
        Three Months Ended June 30,   Six Months Ended June 30,
       

    2020

     

    2019

     

    2020

     

    2019

                     
    Revenue  

     $

     

     

     $

     

     

     $

     

     

     $

     

    Operating expenses:                
    Research and development  

     

                          12,610

     

     

     

                          13,433

     

     

     

                          26,573

     

     

     

                          23,970

     

    General and administrative  

     

                            7,402

     

     

     

                            5,905

     

     

     

                          14,683

     

     

     

                          11,718

     

    Total operating expenses  

     

                          20,012

     

     

     

                          19,338

     

     

     

                          41,256

     

     

     

                          35,688

     

    Loss from operations  

     

                         (20,012

    )

     

     

                         (19,338

    )

     

     

                         (41,256

    )

     

     

                         (35,688

    )

    Interest and other income, net  

     

                               933

     

     

     

                            1,630

     

     

     

                            2,166

     

     

     

                            3,146

     

    Net loss  

     $

    (19,079

    )

     

     $

    (17,708

    )

     

     $

    (39,090

    )

     

     $

    (32,542

    )

    Net loss per share, basic and diluted  

     $

    (0.48

    )

     

     $

    (0.48

    )

     

     $

    (0.99

    )

     

     $

    (0.93

    )

    Weighted average common shares outstanding, basic and diluted  

     

                   39,611,837

     

     

     

                   36,662,562

     

     

     

                   39,488,137

     

     

     

                   35,051,371

     

    BALANCE SHEET DATA

    (unaudited)

    (In thousands) 
             
        June 30, 2020    December 31, 2019
    Cash, cash equivalents and marketable securities  

     $176,501

     

     $145,729

    Working capital  

                        169,508

     

                        135,728

    Total assets  

                        190,727

     

                        161,514

    Stockholders' equity   

                        173,914

     

                        141,193

     

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