NEW YORK (GenomeWeb) – Metabolon said today that it has raised $15 million from new investor and healthcare growth equity firm Essex Woodlands.
The metabolomics firm said it will use the proceeds to develop and commercialize its pipeline of metabolomics technology-based precision medicine products. Essex also has the option to increase its investment by an additional $10 million, which would be used to repurchase shares from existing investors, Metabolon added. As part of the financing, Essex Managing Director Scott Barry will join Metabolon's board.
"Metabolomics has emerged as a powerful technology for precision medicine by dissecting underlying disease processes, which has set the stage for new ways to diagnose, monitor, and provide treatment guidance," said Metabolon President and CEO John Ryals in a statement. "This financing gives us a number of opportunities to grow and promote the clinical products we are developing for those uses and strengthens our revenue growth. Essex Woodlands brings healthcare expertise that will be instrumental in advancing our business."
Metabolon said it has raised approximately $80 million in funding since its founding in 2000.
In July, the company signed a collaboration deal with Muses Labs to research the metabolomics of pre- and early-symptomatic cognitive decline and Alzheimer's disease. Muses Labs said it would apply Metabolon's metabolomics knowledge and technology to its own protocol for genetic analysis of Alzheimer's disease patients in order to develop and launch new clinical trial services for patients.