Metabolon Closes $15 Million Financing to Support Precision Medicine Growth Opportunities
- Financing Adds Essex Woodlands as New Investor
- Scott Barry to Join Metabolon’s Board of Directors
RESEARCH TRIANGLE PARK, N.C. – August 11, 2016 – Metabolon, Inc., the global leader in metabolomics, announced today that it has closed a financing that raised $15 million from new investor Essex Woodlands, a leading healthcare growth equity firm. Metabolon will use the proceeds to further develop and commercialize its pipeline of precision medicine products employing its proprietary metabolomics technology. Metabolon and Essex Woodlands have the ability to increase the purchase up to an additional $10 million, proceeds of which would be utilized to repurchase shares from existing investors. As part of the financing, Scott Barry, Managing Director at Essex Woodlands, will join Metabolon’s board of directors.
There is growing appreciation among the medical community that complex illnesses such as diabetes, cancer, cardiovascular and neurological diseases are caused by a combination of genetic and non-genetic factors. Metabolomics integrates the influences of genes, diet, lifestyle, environment and xenobiotics to help explain gene function and how diseases originate and identify biomarkers for health assessment and customized drug therapy.
“Metabolomics has emerged as a powerful technology for precision medicine by dissecting underlying disease processes, which has set the stage for new ways to diagnose, monitor and provide treatment guidance,” said John Ryals, Ph.D., president and CEO at Metabolon. “This financing gives us a number of opportunities to grow and promote the clinical products we are developing for those uses and strengthens our revenue growth. Essex Woodlands brings healthcare expertise that will be instrumental in advancing our business."
“We believe the potential applications for metabolomics are just beginning to be appreciated, and we are therefore excited to support the continued growth of the leading metabolomics technology platform developed by Metabolon,” said Scott Barry, Managing Director at Essex Woodlands. “We are very pleased to partner with John and Metabolon’s world-class management team to continue the company’s trajectory of success in exploring the functionality of metabolomics in precision medicine in particular, and Essex Woodlands’ network of relationships in the healthcare industry will support and expand this impressive technology in new applications and partnerships going forward.”
Since it was founded in 2000, Metabolon has raised approximately $80 million in funding.
About Essex Woodlands
With $2.5 billion under management, Essex Woodlands is one of the largest and oldest growth equity firms pursuing investments in pharmaceuticals, medical devices, healthcare services and healthcare information technology. Since its founding in 1985, Essex Woodlands has maintained its singular commitment to the healthcare industry and has been involved in the founding, investing and/or management of over 150 healthcare companies, ranging across sectors, stages and geographies. The team is comprised of over 20 senior investment professionals with offices in Palo Alto, Houston, New York and London. For more information, please see www.ewhv.com.
Metabolon, Inc. is the world’s leading health technology company focused on the use of metabolomics in precision medicine. This powerful tool for assessing health is based on proprietary platforms and informatics that deliver biomarker discoveries, innovative diagnostic tests, and ground-breaking partnerships in genomics-based health initiatives. Metabolon’s expertise is also accelerating research and product development across the pharmaceutical, biotechnology, consumer products, agriculture and nutrition industries, as well as academic and government organizations. Founded in 2000 and headquartered in Research Triangle Park, North Carolina, the company has conducted more than 5,000 independent and collaborative studies, resulting in over 600 peer-reviewed publications. For more information, please visit www.metabolon.com or follow us on LinkedIn or Twitter.
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 materialize, or if any of these assumptions prove to be incorrect, Metabolon’s results 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; the clinical utility of Metabolon’s metabolomic services; Metabolon’s and its distributors’ ability to successfully commercialize and market both new and existing products; governmental laws and regulations affecting health care, including access, pricing and reimbursement of diagnostic tests; the strength of Metabolon’s intellectual property portfolio; Metabolon’s history of operating losses; whether Metabolon is able to achieve or sustain profitability; its highly competitive industry; its ability to compete effectively; security and privacy risks; and Metabolon’s ability to continue to innovate and provide products and services that are useful to its clients, among other risks, uncertainties and assumptions.
Vice President, Corporate Communications & Investor Relations