Metrion Biosciences, the specialist ion channel CRO and drug discovery company, has announced that it has secured £3.5m in new equity financing. The new investment will be used to further expand Metrion’s laboratories in Cambridge, UK, invest in specialist equipment and enhance the company’s global marketing activities.
Metrion Biosciences also announced a series of board changes. Dr David Milroy has joined the board as Maven’s investor director and Steve Carle has replaced Maya Ward as Gresham’s board representative. At the same time, Dr Marc Rogers, Dr Barry Kenny and Mark Keogh have retired as non-executive directors of the company.
The new financing includes £2.5 million from lead investor Maven Capital Partners and £1 million from existing investor, Gresham House Ventures. Dr Keith McCullagh, Chairman, Metrion Biosciences, said: “I am pleased to welcome Maven as a new investor in Metrion. Andy Southan, Metrion’s CEO, and I are delighted that David Milroy, an experienced scientist and business investor, will join the board as Maven’s investor director.”
Maven is a leading private equity house focused on the provision of flexible funding for high growth businesses, and is one of the most active SME investors in the UK.
Metrion Biosciences is a specialist ion-channel contract research organisation and drug discovery business. The company provides customers with access to a range of high quality ion channel assays on a fee-for-service or collaboration basis. 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.