What recession?
Research Triangle Park-based Metabolon has exceeded expectations in its Series C fundraising effort, snagging an additional $6 million from recent investors to close the round at $12.3 million.
The developer of metabolomics for use as research and diagnostic tools closed the first portion of the funding round at more than $5 million on April 30, and expected the balance to end up at around $11 million. It came in more than a million higher.
Metabolomics is the emerging science of 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 pursing improvements in the diagnosis and treatments of human diseases and the understanding of related biochemical activities.
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 medicines.
CEO John Ryals said the Series C funding will help Metabolon launch its own diagnostics products targeting prostate cancer and insulin resistance.
The investment included an expanded involvement from the global agricultural firm Syngenta, which maintains a significant North Carolina presence. The Syngenta Ventures investment branch of the company will take a seat on the Metabolon board.
"This investment follows a research collaboration with Metabolon which has existed for some years," said Sandro Aruffo, head of research and development at Syngenta. "We believe Metabolon's unique metabolomics platform will be an increasingly important technology for the development of innovative new products in the agriculture industry."