MINNEAPOLIS, MN, May 4 /CNW Telbec/ - BioAmber Inc., the market leader
in biobased succinic acid, has raised $45 million dollars in a Series B
financing that will accelerate the commercialization of succinic acid
and modified PBS. The round was led by NAXOS Capital Partners, a
European based growth capital fund focused on acquiring and developing
businesses with unique intellectual property or market position with a
focus on renewable agro and food business, energy and
clean-technology. Joining NAXOS as a new investor in BioAmber was
Mitsui & Co., a leading Japanese trading company, which participated
through its Cleantech & Healthcare Investment Department. The round was
co-led by BioAmber's largest shareholder, Sofinnova Partners, a leading
European venture capital firm. Also participating in the round were
existing investors Mitsui & Co. Venture Partners, based in Palo Alto
California, and the Cliffton Group, based in Montreal, Quebec.
The fundraising will help BioAmber strengthen its position as the market
leader in succinic acid and accelerate the commercialization of
biosuccinic and modified PBS, including the construction of a
large-scale plant in North America. It will also fund ongoing
development work in the field of succinic acid, including the second
generation organism being developed with Cargill, the technology
licensed from DuPont that converts succinic acid to 1,4-butanediol
(BDO), the novel purification process developed and scaled up with
MATRIC, and the use of non-food feedstocks to produce biobased succinic
acid. BioAmber will also strengthen its management team and build out
its in-house R&D capabilities to accelerate the development of its
adipic acid platform.
"We were impressed by BioAmber's management team, breadth of strategic
partnerships and business model and we are very pleased to be the lead
investor in this round," said Carole Piwnica, Managing Partner of NAXOS
and newly elected Vice-Chairman of BioAmber's Board of Directors.
"BioAmber has made remarkable progress under the management team's
strong leadership since Mitsui & Co. Venture Partners, our wholly owned
venture capital operation participated in the Series A round 18 months
ago," said Taro Inaba, General Manager of Mitsui & Co.'s Cleantech &
Healthcare Investment Department.
"BioAmber is the most advanced company in the field of succinic acid and
one of the few renewable chemical companies that have reached
commercialization, with an impressive record of executing against
plan," said Denis Lucquin, Managing Partner of Sofinnova.
"We are proud to welcome NAXOS, which brings extensive industry
experience, and Mitsui & Co., which has a global presence in biobased
chemicals, and we are thankful for Sofinnova's unwavering support. With
our strong investor base and unrivaled partnerships, we are poised for
rapid growth and long term market leadership," said Jean-Francois Huc,
CEO of BioAmber.
About BioAmber Inc.
BioAmber, a renewable chemistry company, is the market leader in the
development and commercialization of biobased succinic acid and
derivatives including modified PBS, a biodegradable plastic offering
better heat resistance and processability than other biopolymers.
BioAmber operates the world's only dedicated biobased succinic acid
plant and has partnerships with market leaders including Cargill,
DuPont Applied Biosciences, Mitsui & Co. and Mitsubishi Chemical.
BioAmber is also leveraging its succinic acid experience and know-how
to develop a biobased adipic acid platform. The company has offices and
research labs in Minneapolis, MN, an office in Montreal, a sales office
in Shanghai, China and a production plant in Pomacle, France. For more
information, see www.bio-amber.com.
SOURCE BIOAMBER INC.
For further information:
VP Corporate Affairs
Phone: +1 514 844 8000 ext 120
Phone: +1 202 470 3239