Metabolon will use the proceeds to further develop and commercialize its pipeline of precision medicine products employing its proprietary metabolomics technology. Metabolon and Essex Woodlands have the ability to increase the purchase up to an additional $10 million, proceeds of which would be utilized to repurchase shares from existing investors. As part of the financing, Scott Barry, Managing Director at Essex Woodlands, will join Metabolon’s board of directors.
There is growing appreciation among the medical community that complex illnesses such as diabetes, cancer, cardiovascular and neurological diseases are caused by a combination of genetic and non-genetic factors. Metabolomics integrates the influences of genes, diet, lifestyle, environment and xenobiotics to help explain gene function and how diseases originate and identify biomarkers for health assessment and customized drug therapy.
“Metabolomics has emerged as a powerful technology for precision medicine by dissecting underlying disease processes, which has set the stage for new ways to diagnose, monitor and provide treatment guidance,” said John Ryals, Ph.D., president and CEO at Metabolon. “This financing gives us a number of opportunities to grow and promote the clinical products we are developing for those uses and strengthens our revenue growth. Essex Woodlands brings healthcare expertise that will be instrumental in advancing our business."
“We believe the potential applications for metabolomics are just beginning to be appreciated, and we are therefore excited to support the continued growth of the leading metabolomics technology platform developed by Metabolon,” said Scott Barry, Managing Director at Essex Woodlands. “We are very pleased to partner with John and Metabolon’s world-class management team to continue the company’s trajectory of success in exploring the functionality of metabolomics in precision medicine in particular, and Essex Woodlands’ network of relationships in the healthcare industry will support and expand this impressive technology in new applications and partnerships going forward.”