Metrion Biosciences Closes £2.7m New Equity Financing
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Metrion Biosciences Limited (Metrion) has announced that it has secured £2.7m in new equity financing, including £2.25m from lead investor Gresham House Ventures. The funding will be used to expand Metrion’s laboratories in Cambridge, UK, invest in specialist equipment, develop its cell line library, and add GLP cardiac safety services. The financing will also enable the expansion of the Company’s business development activities.
Metrion Biosciences’ ion channel expertise includes an industry leading panel of in vitro cardiac ion channel safety assays, translational native cell and phenotypic assays for neurological and cardiotoxicity testing, and a range of other ion channel screening services such as cell line development and optimisation. Metrion Biosciences is able to provide tailored assay formats, data analysis and reporting solutions, effective project management and quality assured data packages.
Dr Keith McCullagh, Chairman, Metrion Biosciences, said: “This new investment, led by Gresham House Ventures, is a key part of Metrion’s strategic development, enabling the Company to expand its laboratories in Cambridge, UK, provide enhanced services to customers, and invest more extensively in US business development. We thank Gresham House for the confidence they have shown in the Metrion team and we are delighted to welcome Maya Ward, who brings substantial experience of healthcare finance and investment, to Metrion’s board of directors.”
Gresham House Ventures is a growth equity investor specialising in software and digitally driven businesses in the healthcare, consumer and services sectors.
Maya Ward, Associate Director, Gresham House Ventures, commented: “Metrion commands an impressive reputation in the ion channel contract research space. With more attention on the healthcare sector than ever before, we are excited to be backing a high calibre team of experts, who are providing a highly specialist service into a structurally growing market. As experienced growth investors with a deep understanding and knowledge of this sector, we look forward to helping the company expand, both in the UK and the US.”