Genomatica files for IPO

ERJ staff report (DS)

New York-- Genomatica, the bio-technology company which yesterday announced it has made kilo-quantities of a bio-sourced butadiene monomer, is filing for an IPO worth around $100 million.

In documents filed with the US Securities and Exchange Commission, the company said, "We are developing a pipeline of manufacturing processes for the production of ... chemicals, including our first target chemical, butanediol, or BDO, and our second target chemical, butadiene"

In a section titled risks, the company said, "neither we nor our partners have ever commercialized chemicals produced using our processes and may fail to successfully do so;" and continued, "We have ... incurred significant net losses since inception and anticipate that we will incur continued net losses for at least the next several years. We may never become profitable. "

As of June 30, 2011, the company had an accumulated deficit of $43.5 million, but had raised $84.2 million in gross proceeds through the issuance of convertible preferred stock.

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IPO filing from SEC

Genomatica files for IPO of up to $100 million from Reuters