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Business

Genomatica Raises Funds, Drops IPO

by Melody M. Bomgardner
August 6, 2012 | APPEARED IN VOLUME 90, ISSUE 32

Biobased chemicals firm Genomatica has raised $41.5 million in a fourth round of funding from new investor Versalis, the chemical arm of Italy’s Eni, as well as existing venture capital investors. At the same time, Genomatica has withdrawn its August 2011 filing with the Securities & Exchange Commission for an initial public offering of stock. It plans instead to commercialize its first products with the help of strategic partners and private investors. Genomatica’s technology uses genetically modified Escherichia coli to produce chemicals, including butanediol and butadiene, from sugar.

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