OPX Biotechnologies raises $36.5 million

July 8, 2011 |

In Colorado, OPX Biotechnologies announced it has raised $36.5 million in its Series C investment round. US Renewables Group led the C-Round investor syndicate, which also included new investor DBL Investors with participation by existing investors Mohr Davidow Ventures, Braemar Energy Ventures, Altira Group and X/Seed Capital. USRG managing director Jonathan Koch has joined the OPXBIO Board of Directors. To date, OPXBIO has raised $60 million with venture investors.

The new investment will enable OPXBIO to accelerate development and commercialization of its first renewable chemical, BioAcrylic. Acrylic derived from petroleum is today an $8 billion global market and is used to make products such as diapers, detergents, paints and adhesives. During an 18-month pilot-scale program completed in early 2011, OPXBIO demonstrated the ability of its proprietary EDGE (Efficiency Directed Genome Engineering) technology to make performance-equivalent BioAcrylic that is lower cost and more sustainable than petroleum-based acrylic.

OPXBIO has established a joint development agreement with The Dow Chemical Company to collaborate on the large-scale demonstration of the process for BioAcrylic production, and anticipates full commercialization within three to five years.

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