Metrion Biosciences Limited (Metrion), a CRO and drug discovery company specializing in ion channels, announced today that it has secured a new equity financing of £3.5 million, including £2.5 million from lead investor Maven Capital Partners (Maven) and £1 million from existing investor Gresham House Ventures (Gresham House).
The financing will be used to expand Metrion’s laboratories in Cambridge, UK, invest in specialized equipment, and enhance the company’s global marketing activities.
Metrion Biosciences also announced a series of changes to its board. Dr. David Milroy has joined the board as an investor director from Maven, and Steve Carle has replaced Maya Ward as the board representative from Gresham House. 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 of Metrion Biosciences, said: „I am delighted to welcome Maven as a new investor in Metrion. Andy Southan, CEO of Metrion, and I are pleased that David Milroy, an experienced scientist and business investor, will be joining the board as an investor director from Maven. We also welcome Steve Carle to the board and thank Maya Ward for her support of the round on behalf of Gresham. Finally, we would like to thank Barry Kenny, Mark Keogh, and Marc Rogers for their experienced counsel and unwavering commitment to the company over many years as they retire from the board.“
Maven is a leading private equity firm that focuses on providing flexible financing for high-growth companies and is one of the most active SME investors in the UK.
David Milroy, Partner at Maven, said: „The Metrion team is highly respected in the drug discovery industry and is ideally positioned to benefit from an increased understanding of ion channel biology and the resulting heightened interest in therapeutics targeting these channels. Maven has a strong track record of supporting life science companies such as BioAscent, another contract research organization that has performed very strongly since the Maven VCTs investment in 2018. I am very much looking forward to working with Andy and his team and drawing on Maven’s experience with similar life science companies and many other SMEs to help scale this exciting business.“
Gresham House is a growth capital investor specializing in software and digitally oriented companies in the healthcare, consumer, and services sectors.
Maya Ward, Investment Director at Gresham House Ventures, said: „As drug development timelines, costs, and complexity continue to rise, we see an increasing demand for skilled, specialized providers like Metrion that support the biopharmaceutical industry in addressing these challenges. The management team’s extensive knowledge of ion channels and specialized electrophysiological equipment ensures that Metrion is well positioned to capitalize on the considerable market opportunities. We look forward to supporting the company in its next phase of growth.“