NEW YORK – Drug discovery firm Metrion Biosciences said Tuesday that it has closed on £2.7 million ($3.7 million) in new equity financing, including £2.25 million from lead investor Gresham House Ventures.
Cambridge, UK-based Metrion said it will use the funding to expand its laboratories, invest in specialty equipment, develop its cell line library, add GLP cardiac safety services, and expand its business to the US.
The firm specializes in ion channel contract research and drug discovery, and offers a 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.
"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," Keith McCullagh, chairman of Metrion Biosciences, said in a statement.
In connection with the financing, Maya Ward, associate director at Gresham House Ventures, has been appointed to Metrion's board of directors.