OPX Bio raises $36.5 million of VC
Last Updated: 17:39 March 28, 2012
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.
US Renewables Group led the investor syndicate. The firm, which has offices in New York City and Santa Monica, California, invests exclusively in the renewable energy industry and has $750 million of capital under management to invest in the renewable power, biofuels and renewable infrastructure sectors, according to its website.
"OPX Bio clearly is leading the industry in addressing a large, growing global demand for economic, renewable alternatives to petro-based chemicals," USRG managing director Jonathan Koch said in a press release. "Powered by a proven technology platform and manufacturing process and an exceptionally strong management team, OPX Bio has demonstrated a superior ability to rapidly develop and commercialize multiple products to penetrate multibillion-dollar existing markets."
Koch has joined OPX Bio's board of directors.
DBL Investors, which is headquartered in San Francisco, is another new investor that joined the round. Existing investors Mohr Davidow Ventures, Braemar Energy Ventures, Altira Group and X/Seed Capital increased their stakes.
According to an SEC filing submitted Tuesday, OPX Bio intends to raise $45 million in the round.
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