Metabolon raises $15 million in Series E financing
Published on January 3, 2014 at 9:05 PM
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."