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Bioplastics developer plans IPO
July 20, 2006
1 Min Read
Executives at Metabolix Inc., a developer of bioplastics formed in 1992 and based in Cambridge, MA, have decided the time is right for an initial public offering (IPO) of their firm. On July 14 the firm filed a registration statement with the U.S. Securities and Exchange Commission for the initial public offering of its common stock. Piper Jaffray & Co. will be the sole book-running manager for the offering.
The timing of the IPO wasn''t given but the filing shows Metabolix hopes to raise as much as $86.25 million and to trade on the Nasdaq exchange with ticker symbol MBLX. Metabolix reported almost $2.8 million in revenue last year and a $7.6 million net loss.
Agricultural industry major Archer Daniels Midland Co. (ADM; Decatur, IL) plans to build a 50,000 tons/yr plant in Clinton, IA for production of polyhydroxyalkanoates (PHA) plastics based on technology developed by Metabolix for extracting and manipulating PHA, a natural polyester produced by many bacteria as a carbon-storage material. This will be the first commercial plant for PHA natural plastics, with completion of the plant expected in mid-2008. The plant will utilize starch from ADM''s adjacent wet corn mill as raw material for PHA production. In related news Metabolix has named Robert Findlen as VP sales and marketing. He comes to the firm from GE Plastics where he was VP at compounder LNP.
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