AAA Horizon reaches for the sky

Horizon reaches for the sky

UK-based biomedical company Horizon Discovery closed a £11.3m ($18.6m) series C round of funding on Thursday from investors including Roche Venture Fund, the corporate venturing division of pharmaceutical conglomerate Roche.

Roche became a backer of Horizon when they acquired existing investor, the biotech firm Genentech, in March 2009, around the same time Genentech invested an undisclosed amount in Horizon. Roche subsequently provided funding in November 2009 and September 2010.

Venture capital firm MVM Life Sciences led the latest round, which also featured peers DFJ Esprit, one of the subdivisions of venture capital firm Draper Fisher Jurvetson, and Providence Investment Company and various angel investors. Horizon previously raised $9.8m in September 2010 in the first tranche of the C round, with the second part, $8.8m, secured from investors since. Overall, Horizon has raised $21.8m since its seed round in March 2008.

Horizon provides research tools to support biopharmaceutical research, most prominently its GENESIS gene engineering technology. Horizon will use the funding to support improve its core technology platforms, strengthen its IP position and expand its activities beyond cancer treatment to other diseases.

In addition to its securing of extra financing, Horizon has also made a number of appointments at the top of the company. Most notably, Darrin M. Disley has been promoted from non-executive chairman to chief executive officer, while David Evans, who was among the investors in the latest round, has taken over as non-executive chairman.

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