Metabolon Secures $13 Million in Series D Financing
News Aug 30, 2011
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.
Researchers have created a portable and fast-acting test that can distinguish Ebola infections from other fever-causing infectious diseases such as Lassa fever and malaria in around 30 minutes. Although further testing is required, this could be useful during febrile disease outbreaks.READ MORE