Metabolon, Inc. Announces $72 Million in Debt and Equity Financing to Accelerate Advancements in Precision Medicine and Innovative Drug Development Technologies
MORRISVILLE, N.C., Sept. 23, 2020 /PRNewswire/ -- Metabolon, Inc., the global leader in metabolomics solutions advancing drug development and precision medicine, today announced the close on $72 million in combined debt and equity financing. This round of financing included Perceptive Advisors as a new participant. EW Healthcare Partners and other existing investors also participated in the financing.
"We are thrilled by this strong show of support from Perceptive Advisors and our current investors," said Rohan (Ro) Hastie, President and CEO, Metabolon. "I am also extremely excited that some of the company's earliest investors participated in this round of investment as well. The incremental funding will help accelerate our growth and expand our client base, in addition to helping further our R&D programs in machine learning to enable novel biomarker discovery and expand our precision medicine platform."
Metabolomics, the large-scale study of all small molecules in a biological system, is the only 'omics technology that provides a current-state functional readout of a biological system. By leveraging the world's largest proprietary metabolite database, Metabolon can decipher thousands of discrete chemical signals from genetic and non-genetic factors to reveal biological pathways. Metabolon's technology makes connections where other 'omics cannot and provides the definitive representation of the phenotype.
The company today also announced the appointment of Robert A. Cascella, Chief Business Leader, Precision Diagnostics, and Executive Vice President of Phillips, as one of three independent members of the Metabolon Board of Directors.
"Rob's 30-year career in the healthcare industry comprises an impressive track record of value creation and delivering integrated solutions," said Hastie, "We are honored to have his expertise on the board to help lead Metabolon to our next stage of growth."
Cascella joins Todd Schermerhorn, retired senior vice president and chief financial officer of C. R. Bard, Inc, and Jan Lundberg, formerly President of Lilly Labs and head of R&D, as independent board members.
About EW Healthcare Partners
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SOURCE Metabolon, Inc.