Biosciences business raising funds through crowd funding
A Cambridge-based biosciences business is raising funds through SyndicateRoom
The power of crowd funding continues to drive businesses to achieve higher levels of growth and delivery of services. Startup or not, crowd funding has proven to be the game changer for businesses in the present times. It is also helping cash-strapped businesses achieve their desired objectives by raising funds from people with similar interests through crowd funding platforms.
Now, a Cambridge-based business is raising funds to expand its rapidly growing business through crowd funding campaign. Metrion Biosciences, the ion channel biology business, will raise the sum required to expand its rapidly growing fee-for-service business. It aims to raise £600k through SyndicateRoom, the Cambridge-based equity crowd funding platform. The fund will be used to further expand Metrion’s commercial team, internal assay development capabilities and strengthen its working capital.
Metrion was formed in 2015 as a management buy-out from Xention and has since been financed entirely from operations. The company’s existing shareholders, employees and associates have already committed £150k to the new financing. It has achieved strong growth since the time it was formed. Its total revenue growth with sales in the CRO side of the business has more than doubled in 2017 compared with the previous year.
Metrion provides a range of high quality ion channel assays on a fee-for-service or collaboration basis. Specialist ion channel expertise includes an industry-leading panel of in vitro cardiac ion channel safety assays, translational native cell and phenotypic assays for neurological and cardiotoxicity testing, a range of other ion channel screening services such as cell line development and optimization, tailored assay formats, data analysis and reporting solutions, effective project management and quality assured data packages.
Chief operating officer Andrew Southan said that Metrion has proven its ability to deliver, and has built a robust reputation for high quality assay validation, data collection and reporting for ion channel targets. This additional investment will enable the company to broaden the scope of its assays, and reach into new market opportunities.
Non-executive chairman Keith McCullagh, said that Metrion aims to be the leading provider of ion channel assay expertise to the life science industry. He added that the company believes that it has made excellent progress toward this goal, with a strong financial track record to date, and it is confident of reporting further success in the coming years.
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