Metabolon Adds $13.1M to Coffers
Research Triangle Park-based Metabolon has hit another significant milestone by landing $13.1 million in a Series D round of financing not quite two years after its highly successful $12.3 million Series C fundraising effort.
Metabolon specializes in high-speed analysis of large numbers of complex biological samples to find markers and pathways associated with disease and the activities of treatments. Its services, called metabolomics, apply to a wide range of medical, agricultural and industrial applications.
“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,” said John Ryals, president and CEO. “We have recorded a 45 percent revenue compound annual growth rate 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.”
Metabolomics involves the measurement and analysis of metabolites, such as sugars and fats produced in the cells of organisms, at specific times and under specific conditions. Using tools such as spectroscopy, chromatography and specialized computer technologies, metabolomics scientists are providing new ways to see a host of biochemical activities.
Company in Biotech Center's 2-year Industrial Fellowship Program
Metabolon is among the growing number of North Carolina life-science firms participating in the North Carolina Biotechnology Center’s Industrial Fellowship Program.
Meredith Brown, Ph.D., started a two-year industrial fellowship there in July 2010. The program provides industry-oriented research experience to postdoctoral scientists interested in improving their competitiveness for high-level industry positions.
Along with the research experience, the fellows are exposed to business-related issues such as intellectual property protection, regulatory affairs, clinical development and other real-world phenomena.
The Biotech Center selects companies for the fellowship program through a competitive process that evaluates their commitment to mentorship and professional development as well as technical merit. Fellows are selected and hired by the companies from a pool of applicants.
The Center funds the majority of the cost of salary and benefits for the trainees. The participating companies share the cost based on the size of the business.