US diagnostics firm Metabolon raises $15M in Series E financing
Metabolomics-based diagnostic and research firm Metabolon Inc has secured $15 million in a Series E financing round. The said amount was raised through the issuance of preferred stock, according to MarketWatch.
Camden Partners, a new investor, led the said round. Sumitomo Corp and existing investors Fulcrum Financial partners, Aurora Funs, Syngenta Ventures, Harris & Harris Group, and Fletcher Spaght also participated in the round. Under the terms of the financing deal, Camden Partners Managing Member Dr. Christopher W. Kersey will become part of Metabolon's board of directors, the report detailed.
Dr. John Ryals, Metabolon presidet and chief exectuvie officer, explained the use of the raised funding: "Proceeds will support, among other things, the recent launch by partner Bostwick Laboratories of Prostarix(TM), a urine-based test that provides important metabolic information on the likelihood that a patient with slightly elevated PSA scores has prostate cancer, thus reinforcing the need to proceed to biopsy. The funds will also be used for the continued development of Quantose(TM) IGT, our surrogate test for oral glucose tolerance, and for our test for the recurrence of bladder cancer."
Ryals also said he is happy that so many investors contributed to the firm's Series E funding round, MarketWatch reported.