8/5/2011 2:56:52 PM
July 7, 2011 -- BOULDER - OPX Biotechnologies Inc. on Thursday announced it has raised $36.5 million in a Series C round of private-equity financing. The privately held Boulder-based biotech company develops renewable, bio-based chemicals and fuels that it believes will be less expensive, more efficient and more sustainable than the petroleum-based chemicals used to develop plastics. OPX Bio will use the funding to continue developing and commercializing its first renewable chemical, which it has named BioAcrylic. OPX Bio is working with Dow Chemical Co. (NYSE: DOW) to create a large-scale demonstration project showing that BioAcrylic can be produced on an industrial scale. OPX Bio thinks it can be fully commercialized in three to five years.
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