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Metabolon Raises $15M in Preferred Stock Offering

NEW YORK (GenomeWeb News) — Metabolon announced Friday that it has raised $15 million through a private placement of preferred stock.

Investors in the Series E round included Aurora Funds, Harris & Harris Group, Syngenta Ventures, Fletcher Spaght, and Fulcrum Financial Partners, as well as Japanese firm Sumitomo. The round was led by Camden Partners.

John Ryals, president and CEO of privately held Metabolon, said that proceeds from the financing would be used to support the recent launch of its Prostarix test by partner Bostwick Laboratories. The test, which identifies biomarkers found in urine, is used to stratify patients for prostate cancer risk. Bostwick inked the marketing deal in October 2013 to market the test, which will be run out of Metabolon's CLIA-certified, CAP-accredited lab using mass spectrometry-based technology.

Ryals added that the funds also would support further development of Quantose IGT, its test for oral glucose tolerance, and a test for recurrence of bladder cancer.

In connection with the financing, Christopher Kersey, Camden Partners managing member, will join Metabolon's board of directors.

The Research Triangle Park, NC-based firm raised $13.1 million in a Series D round of financing in August 2011.