Metabolix, Inc. (NASDAQ: MBLX), announced its initial public offering of 6,800,000 shares of Common Stock will be priced at $14.00 per share. The offering will be on Nasdaq under the ticker MBLX.
Net proceeds will be used to invest in equipment for pilot manufacturing and commercial formulation of Natural Plastic and for working capital, including pre-commercial manufacturing and marketing activities, for switchgrass biorefinery program research and development, for hiring of additional personnel, for other research and development and for general corporate purposes.
Piper Jaffray & Co. is acting as the book-running manager for the offering. Jefferies & Company, Thomas Weisel Partners LLC and Ardour Capital Investments, LLC are serving as co-managers.
Founded in 1992, Metabolix, Inc. is developing and commercializing biodegradable Natural Plastic as a clean alternative to petroleum-based plastics. The Company is taking a systems approach, from gene to end product, to integrate sophisticated biotechnology with current industrial practice to produce plastics, fuels and chemicals from renewable resources. In addition to its microbial fermentation platform for production of Natural Plastic, Metabolix is also developing a proprietary platform technology for co-producing, in non-food plant crops such as switchgrass, Natural Plastic and biomass for biofuels such as ethanol and for chemical products.
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