Genomatica raises $41.5 million, withdraws IPO plan

Genomatica raises $41.5 million, withdraws IPO plan

10:36 AM, 3rd August 2012
Genomatica raises $41.5 million, withdraws IPO plan
Christophe Schilling, PhD, CEO, Genomatica.

SAN DIEGO, US: Genomatica 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. Additionally, Genomatica has withdrawn the registration statement it filed with the US Securities and Exchange Commission on August 23, 2011 relating to a proposed initial public offering (IPO) of shares of its common stock.

“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, PhD, CEO, 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.”

The investment was made at a significant increase in valuation compared to the Series C-1 round of financing, announced in March 2011. Existing investors Alloy Ventures, Draper Fisher Jurvetson, Mohr Davidow Ventures, TPG Biotech, VantagePoint Capital Partners and Waste Management also joined the new round.

“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.”

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