{"id":20965,"date":"2024-01-17T14:15:05","date_gmt":"2024-01-17T14:15:05","guid":{"rendered":"https:\/\/clinlabint.com\/?p=20965"},"modified":"2024-01-17T14:15:05","modified_gmt":"2024-01-17T14:15:05","slug":"metrion-biosciences-closes-3-5m-new-equity-financing-to-expand-cambridge-laboratories","status":"publish","type":"post","link":"https:\/\/clinlabint.com\/metrion-biosciences-closes-3-5m-new-equity-financing-to-expand-cambridge-laboratories\/","title":{"rendered":"Metrion Biosciences closes \u00a33.5m new equity financing to expand Cambridge laboratories"},"content":{"rendered":"
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Metrion Biosciences closes \u00a33.5m new equity financing to expand Cambridge laboratories<\/h1>\/ in E-News<\/a> <\/span><\/span><\/header>\n<\/div><\/section>
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Metrion Biosciences, a specialist ion channel CRO and drug discovery company, has secured \u00a33.5 million (about US$3,19 million) in new equity financing, including \u00a32.5m from lead investor Maven Capital Partners and \u00a31 million from existing investor, Gresham House Ventures. The funding will be used to further expand Metrion\u2019s laboratories in Cambridge, UK, invest in specialist equipment and enhance the company\u2019s global marketing activities.<\/h3>\n

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Metrion also announced a series of board changes. Dr David Milroy has joined the board as Maven\u2019s investor director and Steve Carle has replaced Maya Ward as Gresham\u2019s board representative. At the same time, Dr Marc Rogers, Dr Barry Kenny and Mark Keogh have retired as non-executive directors of the company.<\/p>\n<\/div><\/section>
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Dr Keith McCullagh, Chairman, Metrion Biosciences, said: \u201cI am pleased to welcome Maven as a new investor in Metrion. Andy Southan, Metrion\u2019s CEO, and I are delighted that David Milroy, an experienced scientist and business investor, will join the board as Maven\u2019s investor director. We also welcome Steve Carle to the board and thank Maya Ward for her support of the round on behalf of Gresham. Finally, we would like to thank<\/p>\n

Barry Kenny, Mark Keogh and Marc Rogers as they step down from the board, for their experienced advice and unwavering commitment to the company over many years.\u201d<\/p>\n

David Milroy, partner at Maven, said: \u201cThe Metrion team are highly regarded in the drug discovery industry and are ideally placed to capitalise on an increasing understanding of ion channel biology and the resulting heightened interest in therapeutics targeting these channels.\u201d<\/p>\n

Maya Ward, investment director at Gresham House Ventures, said: \u201cAs the timelines, cost and complexity of taking a drug to market continue to rise, we see increasing demand for expert, specialist providers such as Metrion to assist the biopharma industry in navigating these challenges. The management team’s deep insight into ion channels and specialist electrophysiology equipment ensures Metrion is well placed to take advantage of the sizeable market opportunity. We look forward to supporting the business in its next phase of growth.\u201d<\/p>\n<\/div><\/section>
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