Metrion Biosciences closes new £ 2.7million equity financing

CAMBRIDGE, England – () – Metrion Biosciences Limited (Metrion), the ion channel and drug discovery company, today announced that it has secured new equity funding of £ 2.7million, including £ 2.25million pounds sterling from lead investor Gresham House Ventures. The funding will be used to expand Metrion’s laboratories in Cambridge, UK, invest in specialized equipment, expand its cell line library and add BPL cardiac safety services. The financing will also allow the expansion of the Company’s business development activities.

Metrion Biosciences’ expertise in ion channels includes a panel of in vitro cardiac ion channel safety assays, translational native and phenotypic cell assays for neurological and cardiotoxicity testing, and a range of other ion channel screening services such as cell line development and optimization. Metrion Biosciences is able to provide custom analysis formats, data analysis and reporting solutions, efficient project management and quality assured data packages.

Dr Keith McCullagh, President of Metrion Biosciences, said: “This new investment, led by Gresham House Ventures, is a key part of Metrion’s strategic development, enabling the company to expand its laboratories in Cambridge, UK, provide improved services to customers and invest more in business development in the United States. We thank Gresham House for their confidence in the Metrion team and are delighted to welcome Maya Ward, who brings substantial experience in healthcare funding and investing, to the board of administration of Metrion.

Gresham House Ventures is a growth capital investor specializing in software and digital businesses in the healthcare, consumer and service industries.

Maya Ward, Associate Director, Gresham House Ventures, said: “Metrion has an impressive reputation in the field of contract ion channel research. With more focus than ever on the healthcare industry, we are delighted to support a team of high caliber experts, who provide highly specialized service in a structurally growing market. As experienced growth investors with a deep understanding and knowledge of this industry, we look forward to helping the company grow, both in the UK and the US.

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