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Metabolix readies IPO ...

July 24, 2006 | APPEARED IN VOLUME 84, ISSUE 30

The industrial biotechnology firm Metabolix has filed with the Securities & Exchange Commission for an initial public offering that it hopes will raise as much as $86.3 million. Archer Daniels Midland has agreed to purchase $7.5 million in Metabolix common stock. ADM and Metabolix have plans to build a plant that will make polyhydroalkanoate plastics via fermentation. Metabolix is also working on a biorefinery system to produce PHA and biomass feedstock for ethanol. Metabolix reported revenue of about $2.8 million in 2005 and a net loss of about $7.6 million.

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