Metrion Biosciences Closes £3.7m New Equity Financing
Summary
The funding will be used to further expand Metrions laboratories in Cambridge, UK, invest in specialist equipment and enhance the Companys global marketing activities.Metrion Biosciences also announced a series of board changes. Finally, we would like to thank 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. "Maven is a leading private equity house focused on the provision of flexible funding for high growth businesses, and is one of the most active SME investors in the UK.David Milroy, Partner at Maven, said: "The 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. "Gresham House is a growth equity investor specialising in software and digitally driven businesses in the healthcare, consumer and services sectors.Maya Ward, investment director at Gresham House Ventures, said: "As 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 teams deep insight into ion channels and specialist electrophysiology equipment ensures Metrion is well placed to take advantage of the sizeable market opportunity.