Metrion Biosciences Closes £3.7m New Equity Financing
Summary
CAMBRIDGE, England--(BUSINESS WIRE)-- Metrion Biosciences Limited (Metrion), the specialist ion channel CRO and drug discovery company, today announced that it has secured \xa33.5m in new equity financing, including \xa32.5m from lead investor Maven Capital Partners (Maven) and \xa31 million from existing investor, Gresham House Ventures (Gresham House). 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. I am very much looking forward to working with Andy and his team and to drawing on Mavens experience with similar life science businesses and many other SMEs to help scale this exciting business.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.