NEW YORK (GenomeWeb News) – Horizon Discovery today said that it has raised £11.3 million ($18.6 million) in a Series C round of financing.
The Cambridge, UK-based maker of research tools for personalized medicine and drug discovery said that the funds will be used to improve its core technology platforms, strengthen its intellectual property position, and expand into new disease areas outside of its historical focus on cancer.
The round was led by MVM Life Sciences and included funds from existing investors DFJ Esprit, Roche Venture Fund, Jonathan Milner, David Evans, Peter Collins, Providence Investment Company Ltd., and David Cleevely.
Horizon noted that it has raised £13.9 million since its seed investment in March 2008 and that its valuation has increased 40-fold since then.
In addition to the financing, Horizon announced a number of appointments to its board of directors and its management team. Martin Murphy of MVM Life Sciences and Peter Keen have joined the board, while David Evans has been appointed non-executive chairman. Darrin Disley, the former non-executive chairman, has been appointed CEO and becomes an executive director along with COO Dan Cowell and CSO Chris Torrance. In addition to joining the board, Keen also will assume the role of part-time CFO.