Metabolon Closes $8 Million Series B Funding Round
Harris & Harris Group joins Sevin Rosen, The Aurora Funds and The Trelys Funds as investors
RESEARCH TRIANGLE PARK, NC (January 18, 2006) – Metabolon, Inc., a leader in the discovery of biomarkers using metabolomics, today announced the close of an $8 million Series B funding round.Âš Sevin Rosen Funds (Palo Alto, CA) led the round with participation from all existing investors including The Aurora Funds (Durham, NC) and The Trelys Funds (Columbia, SC).Âš A new investor, Harris & Harris Group (New York, NY), also contributed to the financing.
"Metabolon has come a long way in a short period of time," said Dr. John Ryals, president and CEO of Metabolon.Âš "Our metabolomics technology is proving to have applications in many areas of pharmaceutical drug discovery and development.Âš These funds will allow Metabolon to make substantial progress toward our commercialization goals, and we are delighted to have Harris & Harris Group join our current investors."
"Sevin Rosen Funds looks forward to continuing its workÂšwith Metabolon to further the field of metabolomics," saidÂšJohn Oxaal, general partner with Sevin Rosen Funds. "With Metabolon's deep understanding of metabolic pathways and its ability to detect the early onset of disease, the company is striving to set new standards for drug therapies."
"The power of Metabolon's technology has exceeded The Aurora Funds' expectations," said Jeff Clark, managing general partner at The Aurora Funds. Âš"The company remains a leader in shaping the future of this important field."
The round is joined by Harris & Harris Group, a publicly held venture capital company specializing in funding companies with novel technology.
"Harris & Harris Group is excited to have the opportunity to join the existing syndicate of investors in providing Metabolon with the resources to continue to pursue its commercial strategy with its validated metabolomics platform," said Doug Jamison, president, COO and CFO of Harris & Harris Group.
Metabolon is an industry leader in the discovery of biomarkers through the use of metabolomics, a powerful scientific approach for the discovery and development of drugs and the early diagnosis of disease states.Âš Metabolon's patent-pending technology is poised to dramatically impact drug discovery and development processes by accurately measuring the spectrum of biochemical changes and mapping these changes to metabolic pathways.Âš Metabolon's technology can identify safer compounds for development, shorten the time for drugs to get to market and identify novel biomarkers for earlier disease detection.Âš In conjunction with the NIH, Metabolon was honored as a recipient of the 2005 March of Dimes Award for Best Research in Prematurity.
For additional information, visit www.metabolon.com.
About Sevin Rosen Funds
Sevin Rosen Funds is a top-tier venture capital firm with a track record of funding successful companies since 1981. The partnership has consistently made early-stage investments in pioneering technologies and companies with the potential to create new markets. The partners' broad range of venture and operating experiences in successful technology companies translates into a sustained commitment and contribution to the development of the ventures funded. Compaq, Lotus, Cypress, Electronic Arts, SGI, Citrix and CIENA, are representative of some of the firm's successful IPOs. The firm has offices in Dallas, Palo Alto, Austin and San Diego.
For more information, please visit www.srfunds.com.
About The Aurora Funds
Founded in 1994, The Aurora Funds is a venture capital firm that provides capital and strategic guidance to entrepreneurs with healthcare and information technology companies in the Southeastern and mid-Atlantic United States. The firm has over $200 million of total capital under management and is currently investing out of its fifth fund. The firm has the capacity to invest between $4 million to $8 million throughout the life cycle of an investment.
More information is available at www.aurorafunds.com.
About The Trelys Funds
The Trelys Funds is an early-to-middle stage focused venture capital firm headquartered in Columbia, South Carolina. Formed in 2002, Trelys invests primarily in technology-based companies with rapid growth potential. Initial investment amounts range from $500,000 to $1,500,000.
For more information, please visit www.trelys.com.
About Harris & Harris Group
Harris & Harris Group (NASDAQ: TINY) is a publicly traded venture capital company that makes initial investments exclusively in tiny technology, including nanotechnology, microsystems and microelectromechanical systems (MEMS). The Company's last 26 initial private equity investments have been in tiny technology-enabled companies.
Detailed information about Harris & Harris Group, Inc. and its holdings can be found on its website at www.tinytechvc.com.