A Durham company that helps test medicines and other products for pharmaceutical firms, universities and other customers has raised $13.1 million in venture financing.
Metabolon will use the money to hire additional workers and to expand its business. The company is developing its own tests, including one to detect insulin resistance, which can lead to Type 2 diabetes.
Founded in 2000, Metabolon expects 2011 revenue to rise to about $20 million.
The company has raised about $45 million in venture financing, and recently was named as one of 13 candidates for an initial public offering of stock by Fortune magazine.