New investors include Keating Capital
RESEARCH TRIANGLE PARK, N.C.--(EON: Enhanced Online News)--Metabolon, Inc., a diagnostics and services company offering the industry's leading biochemical profiling technology, announced today that it has secured $13.1 million in a Series D financing.
New investor Keating Capital, Inc. joins existing investors including Sevin Rosen Funds, Aurora Funds, Harris & Harris Group (Nasdaq:TINY), Syngenta Ventures, Fletcher Spaght and Fulcrum Financial Partners in the round.
Keating Capital, founded in 2008, is a publicly reporting business development company that specializes in making pre-IPO investments in innovative, high-growth companies that are committed to and capable of becoming public. "We're very impressed with Metabolon's disruptive technology and commercial success. Its diagnostic portfolio is targeting disease areas where there is a significant unmet clinical need and we're excited to become a part of the team," said Timothy J. Keating, CEO of Keating Capital.
Commenting on the fundraising, John Ryals, president and chief executive officer of Metabolon, said, "We are pleased by the participation of current investors in the Series D round, and are delighted to have esteemed new investor Keating Capital among our backers. We have recorded a 45% revenue CAGR since 2007, and expect 2011 revenues to be approximately $20 million. The proceeds of this financing will support further growth in our Metabolytics division and ongoing development of our oncology diagnostics product portfolio."
Metabolon offers global biochemical profiling services (Metabolytics) to researchers working in drug safety and toxicology, bioprocess optimization, consumer products and other areas that benefit from insight into complex biochemical processes and how they change in response to experimental variables.
The company's technology has been used to identify biochemical biomarkers useful for the development of a wide range of clinical diagnostics. These markers are being applied to the development of proprietary diagnostic tools, initially for prostate cancer and insulin resistance.
Metabolon is a clinical diagnostics and services company offering the industry's leading biochemical profiling platform. Metabolon's patented platform provides a global analysis of complex biological samples for the discovery of markers and pathways associated with drug action and disease. This metabolomics-driven approach enables the identification of biomarkers useful for the development of a wide range of diagnostics and provides insight into complex biochemical processes such as drug action, toxicology and bioprocess optimization. For more information about Metabolon, please visit www.metabolon.com or contact Todd Lynch, CFO at [email protected] or 919-572-1711.