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OPX Biotechnologies Completes $17.5 Million Financing Round
New Funds to Drive Biofuels and Green Chemistry Process Demonstration
BOULDER, Colo. OPX Biotechnologies Inc., a bioproducts company, today announced the final closing of its B-round financing, raising $17.5 million to fund biofuels and green chemistry process development and demonstration. Braemar Energy Ventures led the financing. New OPX investor Altira Group LLC and earlier round participants MDV – Mohr Davidow Ventures and X/Seed Capital Management joined Braemar in this round.
“Completing this round of funding is an important milestone for our company,” OPX Biotechnologies President and CEO Charles R. (Chas) Eggert said. “In a very challenging financing environment, our investors recognized the power of the OPX technology platform to deliver economical biofuels and green chemistry products. We now have secured the resources to drive process demonstration and strategic partnering as we accelerate toward commercialization. With Braemar and Altira joining MDV and X/Seed, OPX is further strengthened by an investor team that is providing added value to the company.”
The proprietary OPX EDGE™ (Efficiency Directed Genome Engineering) technology enables rapid and effective optimization of bioconversion processes to transform renewable biomass feedstocks into fuels and green chemistry products at lower cost than petroleum-based alternatives. “While oil will be an important energy feedstock for years to come, OPX is catalyzing the most significant transition in the $1 trillion fuels and chemicals market in the last 80 years – the transition to economical and renewable feedstocks,” said Erik Straser, OPX board member and general partner at MDV.
“We have confidence in OPX’s technology and team,” said William D. Lese, managing director for Braemar Energy Ventures and recently appointed OPX Biotechnologies board director. “The company’s value proposition of low production costs for both renewable fuels and chemistry products is a major differentiator in the marketplace.”
“At Altira, we believe that global energy demand can be met through technical innovation. OPX has developed transformational technology that will drive efficiency in renewable fuels and chemicals making them commercially viable,” said Jim Newell, a partner at Altira Group LLC who will also join the OPX board of directors.
Based in Boulder, Colo., OPX was founded in 2007, employs 25 people today and expects to double its team over the next year.
About OPX Biotechnologies, Inc.: OPX is a Colorado-based bioproducts company using proprietary bioengineering technology to economically convert renewable biomass feedstocks into fuels and green chemistry products. The company’s first products are bioacrylic and biodiesel. The OPX EDGE™ (Efficiency Directed Genome Engineering) technology platform enables rapid and highly effective optimization of bioconversion processes to achieve low production costs. Using the EDGE platform, OPX has produced multiple biofuel and green chemistry products at laboratory scale from several different renewable feedstocks. OPX is now proving its economical bioprocesses at larger scale in advance of a demonstration plant startup in 2011.
Dr. Michael Lynch and Dr Ryan Gill co-founded OPX in 2007 based in-part on work they conducted at the University of Colorado – Boulder. Dr. Lynch is now chief scientific officer at OPX. Dr. Gill is an associate professor at the University of Colorado and also serves as a board director and senior advisor at the company.
For more information, visit opxbiotechnologies.com.
Source: OPX Biotechnologies Inc.