Agios Pharmaceuticals Closes $33 Million Series A Funding

Company Founded by Pioneers in Emerging Field of Cancer Metabolism
CAMBRIDGE, Mass.--(Business Wire)--
Agios Pharmaceuticals, the first biopharmaceutical company focused
on discovering and developing novel drugs that target key metabolic
pathways to fundamentally disrupt cancer cells' ability to grow and
survive, today announced that it has closed a $33 million Series A
financing. Proceeds from the financing will be used to establish a
product and biology platform to accelerate the development of a
pipeline of drugs that regulate cancer metabolism.

Third Rock Ventures, Flagship Ventures and ARCH Venture Partners
co-led the round. Agios Pharmaceuticals was founded as part of a seed
financing by ARCH Venture Partners and Flagship Ventures with three of
the foremost authorities and leaders within the field of cancer
metabolism: Lewis C. Cantley, Ph. D., Director of the Cancer Center at
Beth Israel Deaconess Medical Center and Professor of Systems Biology,
Harvard Medical School; Tak W. Mak, Ph. D., The Campbell Family
Institute for Cancer Research and The University of Toronto; and Craig
B. Thompson, M.D., Director, Abramson Cancer Center, University of
Pennsylvania.

Cancer metabolism is a new and exciting field of biology that
represents a breakthrough understanding of how cancer cells become
addicted to using more nutrients than normal cells to ensure their
survival and growth. The potential of this science was recently
highlighted in the journal Nature (2008 Mar 13) in a study that showed
how cancer cells 'switch on' the same highly active metabolizing
enzymes as those found in fetal cells to promote rapid growth,
explaining why cancer cells are able to divide and grow better than
normal cells. Over the past few decades cancer research has focused on
complex tumor signaling originating from oncogenes and tumor
suppressor genes; the new field of cancer metabolism shows that many
of these signals are actually modulating the metabolic functioning of
cancer cells. The intersection of these two fields of research -
cancer and metabolism -- represents an important and novel approach to
treating cancer. The new understanding of a fundamental mechanism of
cancer survival represents a new, powerful Achilles' Heel to target
this deadly disease.

Agios Pharmaceuticals is developing a deep pipeline of drug
candidates that disrupts the growth and survival of cancer based on
the unique insights of the founders and scientific advisory board. The
company's initial focus is cancer, particularly targeting three key
metabolic pathways; glycolysis (sugar metabolism), fatty acid
metabolism and autophagy (self-metabolism). The company's platform
will also be applicable to other therapeutics areas including
obesity/diabetes, autoimmune, inflammatory and neurological diseases.

"In biology, it is truly a rare and unique instance when two major
fields of research converge to create a completely new understanding
of a deadly disease, offering a unprecedented value opportunity and
the potential to create a novel class of drugs," said Kevin Starr,
interim Chief Executive Officer, Agios Pharmaceuticals and Partner,
Third Rock Ventures. "We are very excited to have three outstanding
founders who have an unparalleled knowledge base in this new field of
biology that holds great promise for making a difference in cancer
patient's lives."

"While I have spent a significant part of my career studying
signaling cascades in cancer, this newly discovered intersection of
cancer and metabolism represents a new, untapped Achilles' Heel of
cancer cells that can block nutrients, thus effectively starving them
of the fuel they need to grow and survive," said Lewis C. Cantley, Ph.
D., Founder, Agios Pharmaceuticals, Director of the Cancer Center at
Beth Israel Deaconess Medical Center and Professor of Systems Biology,
Harvard Medical School.

"We have long known that the survival functions and mechanisms of
cancer cells overlap with other critical cellular functions, such as
those of the immune system - leading to immune therapies such as
cancer vaccines - but this new field linking metabolism to the growth
and survival of cancer, has demonstrated potential to target and treat
cancer in a completely new and fundamental way," said Tak W. Mak, Ph.
D., Founder, Agios Pharmaceuticals, The Campbell Family Institute for
Cancer Research and The University of Toronto.

"What's really exciting is that it is now becoming more clear most
oncogenes and tumor suppressor genes have evolved to regulate cancer
metabolism, which is a opportunity to translate a century of cancer
and metabolic science into a future of powerful cancer therapies,"
said Craig B. Thompson, M.D., Founder, Agios Pharmaceuticals,
Director, Abramson Cancer Center, University of Pennsylvania.

Also supporting the Company's efforts is a Scientific Advisory
Board featuring some of the most renowned scientific experts within
the fields of oncology and metabolism including; Paul S. Anderson,
Ph.D., Retired executive of Bristol-Myers Squibb and Merck ; Ronald A.
DePinho, M.D., Dana-Farber Cancer Institute and Harvard Medical
School; Pier Paolo Pandolfi, M.D., Ph.D., Beth Israel Deaconess
Medical Center; Homer L. Pearce, Ph.D., retired executive of Eli Lilly
& Company; David M. Sabatini, M.D., Ph.D., Whitehead Institute and the
Massachusetts Institute of Technology; Bruce M. Spiegelman, Ph.D.,
Dana-Farber Cancer Institute and Harvard Medical School; and the
Company's founders, Cantley, Mak and Thompson.

"Members of Agios' investor syndicate have been involved as
founding investors in leading biopharmaceutical companies such as
Millennium, Alnylam, Celera, Aviron, Illumina and Ikaria, and Agios
has a similar opportunity with a rare convergence of innovative
science and a world-class team that built and drove those companies to
billion dollar market capitalizations," said Doug Cole, Partner,
Flagship Ventures and Agios Board member. "We are not out to create
just an average biotech company; we truly see an opportunity to
transform cancer research through the breakthrough science Agios is
pursuing."

About Agios Pharmaceuticals

Agios Pharmaceuticals is the first biopharmaceutical company
dedicated to the development of novel therapeutics in the emerging
field of cancer metabolism, which represents a breakthrough
understanding of how cancer cells adapt to use more nutrients than
normal cells to promote their survival and growth. Agios' primary
focus is in oncology, but the company's platform will also be
applicable to other therapeutics areas including autoimmune,
inflammatory and neurological diseases. The Company's founders
represent the core thought leaders in the field of cancer metabolism,
responsible for key advances, insights and discoveries in the field.
Agios Pharmaceuticals is located in Cambridge, Massachusetts. For more
information, please visit the company's website at
www.agiospharmaceuticals.com.

About ARCH Venture Partners

ARCH Venture Partners is a premier provider of seed and early
stage capital for technology firms, with a special competence in
co-founding and building technology firms from startup. ARCH invests
primarily in companies co-founded with leading scientists and
entrepreneurs, concentrating in innovations in life sciences, physical
sciences, and information technology. ARCH enjoys special recognition
as a leader in the successful commercialization of technologies
developed at academic research institutions and national laboratories.
The company manages seven funds totaling over $1.5 billion and has
invested in the earliest venture capital rounds for more than 120
companies over 22 years. Portfolio companies where ARCH was a
co-founding or early investor include Sapphire Energy, Illumina,
Aviron, Impinj, Xenoport, Alnylam, Ikaria, Microoptical Devices, New
Era of Networks, Netbot, Trubion Pharmaceuticals, Adolor, Nanosys,
Caliper Life Sciences, Ahura, Xtera, Array Biopharma, Everyday
Learning Corporation, Nanophase Technologies, R2 Technologies, and
deCode Genetics, among others.

About Flagship Ventures

Flagship Ventures is a venture capital firm focused on creating,
financing and building innovative companies. Founded in 1999, Flagship
manages over $600 million in early-stage funds and operates from its
offices at Kendall Square in Cambridge, MA. With an active portfolio
of over 40 companies, the firm's strategy is to balance its
investments across three principal business sectors: Therapeutics,
Life Science Tools & Diagnostics, and BioEnergy/Cleantech. During the
past two decades Flagship's principals have been involved as founders
or investors in many highly successful ventures including: Adnexus
Therapeutics, Alere Medical, Aspect Medical, Celera Genomics,
ChemGenics Pharmaceuticals, Color Kinetics, Cytyc, Helicos
Biosciences, Hypnion, IDEXX, Morphotek, PerSeptive Biosystems and
TripAdvisor. For more information please visit
www.flagshipventures.com.

About Third Rock Ventures

Third Rock Ventures L.L.C. is a premier venture firm focused on
life sciences investing and launching companies that make a difference
in people's lives. The firm raised its first fund of $378 million in
2007. Collaborating with entrepreneurs, the Third Rock team applies
its deep expertise to establish the roadmap and building blocks for
rapidly-growing and highly-successful life sciences companies. The
Third Rock team has a unique vision and experience in building great
companies, extensive academic and industry networks and a collective
track record for creatively managing the value creation path to
deliver exceptional performance. For more information, please visit
www.thirdrockventures.com.

Media:
Yates Public Relations
Kathryn Morris, 845-635-9828

Copyright Business Wire 2008