RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)-- Metabolon, Inc., a world leader in metabolomics-based diagnostic tests and research services, announced today that it has raised $15 million in a Series E financing through the issuance of preferred stock.
New investor Camden Partners led the round, with participation from Sumitomo Corporation along with existing investors Aurora Funds, Harris & Harris Group, Syngenta Ventures, Fletcher Spaght and Fulcrum Financial Partners. In connection with this financing, Camden Partners Managing Member Dr. Christopher W. Kersey will join the Company’s board of directors.
Dr. Kersey said, “Metabolon is a leader in next-generation diagnostics in important diseases such as diabetes and cancer. CEO John Ryals is one of the nation's leading entrepreneurs and operators in the life sciences industry over the last twenty years, and he has assembled an elite team of executives and scientists that assists physicians and patients alike in earlier and more accurate detection of diseases.”
Commenting on the fundraising, John Ryals, Ph.D., president and chief executive officer of Metabolon, said, “We are gratified so many current investors participated in the Series E round, and welcome Camden Partners and Sumitomo to the list of high-quality backers of our company. Proceeds will support, among other things, the recent launch by partner Bostwick Laboratories of Prostarix™, a urine-based test that provides important metabolic information on the likelihood that a patient with slightly elevated PSA scores has prostate cancer, thus reinforcing the need to proceed to biopsy. The funds will also be used for the continued development of Quantose™ IGT, our surrogate test for oral glucose tolerance, and for our test for the recurrence of bladder cancer.”
Metabolon, Inc. is a world leader in the field of metabolomics by pioneering and patenting the industry’s leading biochemical biomarker discovery and profiling platform. It has developed the technology to quickly identify and measure the biochemicals in a biological sample through its proprietary global processing method. Metabolon has a broad pipeline of laboratory developed tests in obesity-related conditions and cancer. Quantose™ is the first laboratory developed test developed by Metabolon using its technology. Metabolon’s expertise is embraced by a wide range of pharmaceutical, biotechnology, food and agricultural companies. Metabolytics, its biomarker discovery and analysis business, has completed more than 3,000 client studies on behalf of more than 600 customers. For more information visit www.metabolon.com, email firstname.lastname@example.org or call 919-287-7401.
Cautionary Note about Forward-Looking Statements
The materials provided herein that are not historical facts are or might constitute projections and other forward-looking statements regarding future events that involve substantial risks, uncertainties, and assumptions. If any of these risks or uncertainties materializes or if any of these assumptions prove incorrect, the results of Metabolon could differ materially from the results expressed or implied by any forward-looking statements. The risks, uncertainties, and assumptions referred to above include, but are not limited to: the uncertainties inherent in biochemical research and development; decisions by regulatory authorities regarding whether and when to approve diagnostic tests; our and our distributors’ ability to successfully commercialize and market both new and existing products; governmental laws and regulations affecting health care, including regarding access, pricing and reimbursement of diagnostic tests; the strength of our intellectual property portfolio; our history of losses; whether we are able to achieve or sustain profitability; our highly competitive industry; our ability to compete effectively; security and privacy risks; and our ability to continue to innovate and provide products and services that are useful to our clients, among other risks, uncertainties, and assumptions.