Final closing of round at £18.2 Million ($29.1 Million) to support drive to profit
Cambridge, UK, 3rd June 2013:Horizon Discovery (Horizon), a leading provider of research tools to support the development of personalized medicines, today announced the final closing of its Series C funding round. The latest £6.9m ($10.5m) placement for ordinary shares brings to a close a cumulative total for the round of £18.2m ($29.1m) and will enable Horizon to transition from a three-year investment phase (2010-12) to an organic growth phase that it forecasts will deliver sustainable profit from H2 2013.
The final closing of the round was led by Dr. Jonathan Milner, CEO, Abcam Plc, with existing investors DFJ Esprit, MVM Life Science, Roche Venture Fund, David Evans, Peter Collins, and Providence Investment Company Limited also participating. New investors include Wren Capital, Calculus Capital, the University of Cambridge Enterprise Fund and members of Horizon’s senior management team.
This latest funding will be used to drive profitable growth for Horizon in the following five areas:
(1) Sale of genetically defined cell line production and discovery research services powered by its GENESIS™ and X-MAN™ translational genomics platforms.
(2) Sale of the world’s only bank of (500+) genetically-defined X-MAN™ cell lines, and associated reporter-gene assay kits.
(3) Expanding product development capability, product inventory and channels to market of its rapidly expanding molecular diagnostic reagents division.
(4) Sale of engineering services and cell line products that optimize the production of ethical bio-pharmaceuticals.
(5) Delivery of established discovery research programs including the harvest of over £100M pre-clinical and clinical milestone payments already in place.
Since its foundation in July 2007 Horizon has undergone rapid growth, reaching 80 FTEs and occupying a state-of-the-art 20,000 sq. ft. facility. Revenue growth has been strong with a 5 year compound annual growth rate in excess of 100% in the years 2007-2011. Growth has been achieved primarily through exports with the 364% increase achieved in the years 2008-11 resulting in the award in 2012 of the Queens Award for Enterprise in International Trade. Strong growth is projected to continue with 2013 expected to exceed 70%.
Commenting on the announcement, Dr Darrin M Disley, CEO of Horizon said: “We would like to thank our existing and new investors for supporting the Company in this latest stage of its development. I look forward to leading the business through this organic growth phase and delivering shareholder value and a liquidity event within the next business cycle.”
Dr Jonathan Milner, Lead Investor, Horizon Discovery Non-Executive Director and CEO of Abcam Plc, said: “We live in a golden age of biology and companies like Horizon are exciting because of the application of a business model that is able to exploit the many diverse opportunities that arise from having a scalable and versatile platform technology. I look for three things in companies that I get involved with and invest in. The first is an outstanding management team, the second is a platform technology that can disrupt and grow a market and last but not least customers banging on the door. Horizon has all three in abundance.”