Horizon Discovery (Horizon), a translational genomics and personalized medicine company, announced today that it has closed a £6.25M Series C financing led by top-tier European venture capital firm DFJ Esprit. The Company has also announced two appointments to the Board of Directors; Dr Nigel Pitchford, Partner at DFJ Esprit, as Investor Director, and Mr David Evans as a Non-Executive Director.
The funds will enable Horizon to further improve its core GENESIS and X-MAN technology platforms, address new markets, and begin to target therapeutics markets outside of its historical cancer-focus.
The third round of financing for Horizon was also subscribed to by past investors Roche Venture Fund, Dr Jonathan Milner and Mr David Evans.
Horizon Discovery's virally-mediated gene-engineering technology, GENESIS, enables any endogenous gene in a human cell-line to be altered quickly, reliably and without introducing unwanted and confounding genotypes and/or phenotypes. Using GENESIS, Horizon Discovery has developed X-MAN (Gene-X; Mutant And Normal) cell models, which are the world’s first source of genetically-defined and patient-relevant human cell lines.
The company’s broad panel of over 250 different X-MAN cell lines, which have been referred to as “patients-in-a-test-tube,” accurately model the disease-causing mutations in cancer patients. The X-MAN cell lines are being used by academic and industry leaders to identify the effect of individual mutations on drug activity, patient responsiveness and resistance, and to successfully predict which patient sub-groups will respond to currently-available and future drug treatments. This supports the design of shorter, more focused clinical trials, making it possible to identify the ‘right drugs’ for the ‘right patients’ based upon the unique genetic mutations that define their disease.
Dr Nigel Pitchford has extensive experience in investing in healthcare both at DFJ Esprit and previously at 3i where he led the venture team’s healthcare activities across Europe and the US. He was responsible for leading deals such as Domantis, Apatech and Arakis, and in working closely with the management teams to create and realize significant value.
Mr David Evans is Chairman of Immunodiagnostics Systems and has considerable expertise within the diagnostic industry. As Financial Director, he was a key member of the team that floated Shield Diagnostics Group plc in 1993, and was the Chief Executive Officer responsible for the merger of Shield Diagnostics Group plc with Axis Biochemicals ASA of Norway in 1999 to create Axis-Shield Plc. He is currently involved in a non-executive capacity with several other companies.
Horizon’s mission is to provide its customers with cutting-edge biological tools and services that will accelerate the pace of development of ‘stratified’ or ‘personalized’ medicines. The company has grown significantly since its seed funding round in March 2008, and has received numerous innovation and business awards including the 2009 inaugural iAward.
Dr Darrin M Disley, Executive Chairman of Horizon said: “Historically, Horizon has adopted a leveraged business model fuelled by modest investment and organic growth. This model has served us well and enabled the company to grow 300% and generate £2.1M revenues and £8M in orders in the 12 months to the end of Q3 2010. We welcome DFJ Esprit as a new investor and are very pleased to have such strong support from our current investors. This support recognizes the progress made to date and the quality of the Horizon team.”
Dr Nigel Pitchford, Partner at DFJ Esprit said: “Horizon’s unique platform technology presents a great opportunity to grow a substantial multi-faceted life science business. Commercial progress to date has been eye-opening, and we expect that with this investment round the company will accelerate even further. We look forward to working with this entrepreneurial team to deliver that potential.”
Horizon Discovery
