The funding will be used to expand the company’s laboratories in Cambridge, UK
Metrion Biosciences, a specialist ion channel CRO and drug discovery company, has secured £2.7 m ($3.74 m) in equity financing, including £2.25 m from lead investor Gresham House Ventures.
The funding will be used to expand the company’s laboratories in Cambridge, UK, invest in specialist equipment, develop its cell line library, and add GLP cardiac safety services. The financing will also enable the expansion of the Company’s business development activities.
Metrion’s expertise includes a panel of in vitro cardiac ion channel safety assays, translational native cell and phenotypic assays for neurological and cardiotoxicity testing, and other ion channel screening services such as cell line development and optimisation. The company can provide tailored assay formats, data analysis and reporting solutions, project management and data packages.
Dr Keith McCullagh, Chairman, Metrion Biosciences, said: “This new investment, led by Gresham House Ventures, is a key part of Metrion’s strategic development, enabling the Company to expand its laboratories in Cambridge, UK, provide enhanced services to customers, and invest more extensively in US business development. We thank Gresham House for the confidence they have shown in the Metrion team and we are delighted to welcome Maya Ward, who brings substantial experience of healthcare finance and investment, to Metrion’s board of directors.”
Maya Ward, Associate Director, Gresham House Ventures, commented: “Metrion commands an impressive reputation in the ion channel contract research space. With more attention on the healthcare sector than ever before, we are excited to be backing a high calibre team of experts, who are providing a highly specialist service into a structurally growing market. As experienced growth investors with a deep understanding and knowledge of this sector, we look forward to helping the company expand, both in the UK and the US.”
Recently, Metrion appointed John Montana Non-Executive Director.