Genomatica Withdraws IPO, Instead Raises $41.5M in Private Financing
Almost exactly a year ago, San Diego-based Genomatica filed paperwork to raise roughly $100 million through an initial public offering, with a proposed listing on NASDAQ under the symbol GENO. Then the industrial biotech went silent.
Today, the company is announcing that it is withdrawing its IPO, and has raised $41.5 million in a Series D round of preferred stock financing led by Versalis, the largest Italian chemical company. In a statement issued this morning, Genomatica says existing investors TPG Biotech, Mohr Davidow Ventures, VantagePoint Capital Partners, Draper Fisher Jurvetson, Alloy Ventures, and Waste Management joined in the new round.
With the $84.2 million raised previously, according to last year’s IPO filing, Genomatica has now attracted a total of $125.7 million from its investors, who presumably will have to wait a bit longer before reaching their exit from the firm, which was founded in 1998.
On the plus side, the company says the latest financing was done at “a significant increase in valuation” compared to its Series C-1 round of financing, announced in March 2011.
In a phone interview, CEO Christophe Schilling said Genomatica’s IPO filing had given the company an additional financing option. But he added that Genomatica’s capital needs are not as big as … Next Page »