Fast-moving Metabolon raises $13.1M, hints at IPO
North Carolina's Metabolon, whose booming biomarker business has triggered rapid expansion, has raised $13.1 million in a fourth round of financing and is hinting at an IPO, according to MedCity News. In this latest round, Keating Capital joins Sevin Rosen Funds, Aurora Funds, Harris & Harris Group, Syngenta Ventures, Fletcher Spaght and Fulcrum Financial Partners.
"We're very impressed with Metabolon's disruptive technology and commercial success," Keating Capital CEO Timothy Keating said in a release. "Its diagnostic portfolio is targeting disease areas where there is a significant unmet clinical need and we're excited to become a part of the team."
Metabolon uses biomarkers identified by its technology to develop molecular diagnostic tests for diabetes, cancer and other diseases. CEO John Ryals recently said he expects to double the size of its workforce over the next two years. Metabolon has about 100 workers these days, including 37 with PhDs.
"We have recorded a 45% revenue CAGR since 2007, and expect 2011 revenues to be approximately $20 million," Ryals said in a statement. "The proceeds of this financing will support further growth in our Metabolytics division and ongoing development of our oncology diagnostics product portfolio."
Metabolon plots fast growth as biomarker biz booms