SAN DIEGO, Aug. 2, 2012 (GLOBE NEWSWIRE) -- Genomatica announced it has raised an additional $41.5 million in a Series D round of preferred stock financing. The investment featured strategic partners, including new investor and partner Versalis, the largest Italian chemical company. Existing investors Alloy Ventures, Draper Fisher Jurvetson, Mohr Davidow Ventures, TPG Biotech, VantagePoint Capital Partners and Waste Management also joined the new round.
The investment was made at a significant increase in valuation compared to the Series C-1 round of financing, announced in March 2011. Additionally, Genomatica announced it has withdrawn the registration statement it filed with the U.S. Securities and Exchange Commission on August 23, 2011 relating to a proposed initial public offering of shares of its common stock.
"Genomatica has demonstrated superior abilities to develop economically attractive process technologies that can enable a new approach for our industry," said Daniele Ferrari, CEO of Versalis. "We share a common view of how the industry can evolve and we're excited about joining forces on bio-based butadiene."
Recent milestones for Genomatica include:
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Creating a joint venture with Novamont for industrial-scale production of BDO, with initial production expected in 2013;
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Signing a limited exclusivity agreement with Mitsubishi Chemical for BDO in Asia;
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Signing a memorandum of understanding with Versalis and Novamont for a partnership in bio-based butadiene;
- Winning the EPA Presidential Green Chemistry Challenge Award.
"After evaluating all of our financing options, we determined that this private financing was the most attractive option for Genomatica and in the best interest of our shareholders," said Christophe Schilling, Ph.D., CEO of Genomatica. "We're especially pleased by the vote of confidence that will help us bring our first process for BDO into commercial production by our partners. We believe we have the market opportunity, the technology, the partners, the team and the capital to continue to execute and accelerate our business plan to be a technology leader for the global chemical industry."
Jefferies & Company Inc. acted as placement agent in connection with the Series D offering.
About Genomatica
Genomatica is a technology leader for the chemical industry. It delivers new manufacturing processes that enable its partners to produce intermediate and basic chemicals from renewable feedstocks. These chemicals serve as the basis for making substantially all of the products that make modern life possible. Genomatica's processes are designed to achieve better economics with enhanced sustainability and a smaller environmental footprint than petroleum-based manufacturing processes. Genomatica is developing a pipeline of manufacturing processes for the production of these chemicals, and expects the first commercial-scale BDO plant that utilizes its processes to begin production in 2013.
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