Magnet Biomedicine

Magnet Biomedicine is a private, preclinical-stage biotech founded in 2021 and based in Cambridge, Massachusetts. The company has developed the TrueGlue™ platform, a modular technology for the systematic discovery of molecular glues that go beyond traditional E3 ligase recruiters to create novel therapeutic mechanisms. With $50 million in initial funding and a strategic collaboration with Eli Lilly, Magnet is building a pipeline aimed at historically difficult-to-drug targets in oncology and immunology. The company combines deep scientific expertise from its founders and leadership with advanced screening and informatics capabilities.

TrueGlue™ platform for the rational design of molecular glues that induce novel protein-protein interactions by binding a 'presenter' protein to create a neo-interface for engaging a disease target.

Magnet competes in the rapidly growing molecular glue and targeted protein degradation field, which includes companies like Monte Rosa Therapeutics, Neomorph, and Proxygen, many focused on E3 ligase recruiters. Magnet's key differentiation is its systematic platform aimed at novel presenters beyond E3 ligases, seeking to unlock diverse mechanisms of action.