Metabolon, which is using biomarkers in the search for drugs to treat diseases such as Lou Gehrig’s disease, has closed on a new round of venture financing.
Metabolon’s “B” round totals $8 million. Its existing investors were joined by a new one in the round. Metabolon closed on a $9 million “A” round in October of 2004.
Sevin Rosen Funds of California led the round. Also participating were The Aurora Funds of Durham, Trelys Funds of Columbia, SC, and new investor Harris & Harris Group out of New York. In a separate release, Harris & Harris said it invested $2.5 million as part of the deal.
Despite the new funding, Metabolon is not planning to hire any additional personnel, a spokesperson said. “They are going to reinvest in the company’s technology,” the spokesperson added. The company employs 30 people.
“Metabolon has come a long way in a short period of time,” said John Ryals, president and chief executive officer of Metabolon. “Our metabolomics technology is proving to have applications in many areas of pharmaceutical drug discovery and development. These funds will allow Metabolon to make substantial progress toward our commercialization goals, and we are delighted to have Harris & Harris Group join our current investors.”
Metabolon has developed patent-pending technology around metabolomics (an approach to identifying biomarkers) that it says will “dramatically impact drug discovery and development processes”.
“The power of Metabolon’s technology has exceeded The Aurora Funds’ expectations,” said Jeff Clark, managing general partner at The Aurora Funds. “The company remains a leader in shaping the future of this important field.”
Metabolon was founded in 2000.