Ion-channel specialist CRO closes £3.7m in new equity financing

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Metrion Biosciences has secured £3.5m ($4.4m) in new equity financing, which will be used to further expand the company’s laboratories in Cambridge, UK, invest in specialist equipment and enhance global marketing activities.

The investment includes £2.5m from lead investor Maven Capital Partners and £1 million Gresham House Ventures.

Metrion also announced a series of board changes. Dr David Milroy has joined the board as Maven’s investor director and Steve Carle has replaced Maya Ward as Gresham’s board representative. At the same time, Dr Marc Rogers, Dr Barry Kenny and Mark Keogh have retired as non-executive directors of the company.

Dr Keith McCullagh, Chairman, Metrion Biosciences, said: “I am pleased to welcome Maven as a new investor in Metrion. Andy Southan, Metrion’s CEO, and I are delighted that David Milroy, an experienced scientist and business investor, will join the board as Maven’s investor director.  We also welcome Steve Carle to the board and thank Maya Ward for her support of the round on behalf of Gresham.”

David Milroy, Partner at Maven, said: “The Metrion team are highly regarded in the drug discovery industry and are ideally placed to capitalise on an increasing understanding of ion channel biology and the resulting heightened interest in therapeutics targeting these channels. Maven has a strong track record of backing life science businesses such as BioAscent, another CRO, which has performed very strongly since the Maven VCTs invested in 2018. I am very much looking forward to working with Andy and his team and to drawing on Maven’s experience with similar life science businesses and many other SMEs to help scale this exciting business.”

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