BioAmber Inc. Raises $30 Million Financing With Lanxess AG (LXS.F) and Existing Investors
2/22/2012 7:25:24 AM
MINNEAPOLIS, MN, Feb. 22, 2012 /PRNewswire/ - BioAmber Inc. has
completed its Series C round of financing with net proceeds of $30
million. The financing was closed in two tranches; a first tranche of
$20 million on November 4th, 2011 with existing investors Naxos Capital, Sofinnova Partners, Mitsui
& Co. Ltd. and the Cliffton Group, and a second tranche of $10 million
on February 6th, 2012 with specialty chemicals company LANXESS. All of BioAmber's
Series B investors participated in the Series C financing.
The investment by LANXESS is the culmination of a strategic
collaboration in the field of renewable, phthalate-free plasticizers.
BioAmber and LANXESS are jointly developing phthalate-free plasticizers
and expect to begin sampling succinic-based plasticizers in 2012. The
companies are also collaborating in Sarnia, Ontario, on the
establishment of BioAmber's first world-scale bio-succinic acid
manufacturing facility. LANXESS is owner of the site and will provide
BioAmber with utilities and services needed to operate the facility.
Concurrent with the investment, LANXESS will be joining the BioAmber
board of directors and has named Jorge Noguiera as its board
representative. Jorge Nogueira is the Head of LANXESS' Functional
Chemicals business unit. Mr. Nogueira has over 30 years of chemical
industry experience, working for leading multinationals in the United
States, Europe, Asia and Latin America. "Our investment in BioAmber
shows our commitment to launching a new generation of plasticizers that
satisfy regulatory requirements and can also score in terms of
sustainability," said Mr. Nogueira.
"We are pleased to have LANXESS as a strategic investor alongside Naxos,
Sofinnova, Mitsui & Co. and Cliffton," said Jean-Francois Huc,
BioAmber's CEO. "BioAmber is fortunate to have a strong, committed
group of investors and we welcome Jorge Nogueira, a dynamic and
experienced chemical industry executive to our board".
"LANXESS is actively engaged in leveraging its Sarnia site to establish
the largest bio-industrial park in Canada, offering land, energy and
infrastructure for the development of new bio-industrial
chemicals," said Sandy Marshall, President of LANXESS Canada. "We are
excited to be working closely with BioAmber to anchor the
Bio-industrial Park, and this investment is a natural extension of our
collaboration," added Mr. Marshall.
About BioAmber Inc.
BioAmber is a next generation chemicals company. Its proprietary
technology platform combines industrial biotechnology, an innovative
purification process and chemical catalysis to convert renewable
feedstocks into chemicals for use in a wide variety of everyday
products including plastics, food additives and personal care products.
BioAmber produces bio-succinic acid in what it believes to be one of
the world's largest bio-based chemical manufacturing facilities. For
more information visit the company's web site at www.bio-amber.com.
LANXESS is a leading specialty chemicals company with sales of EUR 7.1
billion in 2010 and currently around 16,100 employees in 30 countries.
The company is at present represented at 47 production sites worldwide.
The core business of LANXESS is the development, manufacturing and
marketing of plastics, rubber, intermediates and specialty chemicals.
LANXESS is a member of the leading sustainable indices Dow Jones
Sustainability Index (DJSI) World and FTSE4Good.
SOURCE BIOAMBER INC.