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Athenix Corporation Secures $12.5 Million In Series B Financing



10/19/2005 5:09:43 PM

RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--Jan. 20, 2004--Athenix Corp., a leading biotechnology company developing high-value, bio-industrial products for the Agricultural and Chemical Industries using genetic traits from microbes, announced it has raised $12.5 million in an oversubscribed round of series B private equity financing. Intersouth Partners of Durham, North Carolina, Polaris Venture Partners of Waltham, Massachusetts and Boston Millennia Partners of Boston, Massachusetts led the investment. The round also included new investors Hunt Ventures of Dallas, Texas and Eastman Ventures, the venture capital arm of Eastman Chemical Company of Kingsport, Tennessee.

"We are very impressed with the rapid progress Athenix has made since it was founded in 2001," said Christoph Westphal of Polaris Venture Partners. "We have the utmost confidence in the opportunity, the management team and their business model."

"We are delighted that our initial three venture capital partners participated again in this very successful second round of financing and that we were able to expand the funding syndicate with two additional venture capital partners," said Mike Koziel, President and CEO of Athenix. "We are intensely focused on products. This additional funding will allow Athenix to rapidly transform our success in research and development into innovative products for our target markets."

"We continue to be impressed with Athenix' progress in bringing its world class technology to market," said Rob Jevon of Boston Millennia Partners. "We are very pleased about the corporate alliances that Athenix signed last year. They provide broad market access in key crops and validate the company's business strategy."

Mike Bierman of Hunt Ventures said: "We are excited to join the funding syndicate because Athenix has quickly created an outstanding technology and intellectual property platform. The company is poised to create tremendous value."

About Athenix Corp.

Athenix is a leading biotechnology company developing innovative, high-value, bio-industrial products for the Agricultural and Chemical businesses using genetic traits from microbes. These traits are used to develop enhanced plants, microbes, enzymes, and processes for a variety of industry sectors. Athenix is focused on two major market opportunities: 1) the discovery of genes and proteins for novel input traits (such as insect resistance, nematode resistance and herbicide tolerance), and their use to develop transgenic plants for the Agricultural Chemical and Seed Industries; and 2) the discovery of genes and proteins for improved bioconversion in the Chemical, Alternative Energy and Animal Feed Industries. For more information about Athenix, visit www.athenixcorp.com

Contacts

Athenix Corp. Markus Andres, 919-281-0938 Fax: 919-281-0901


Read at BioSpace.com


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