Enzyme Maker Codexis Plans To Go Public this week
From Associated Press (April 19, 2010)
NEW YORK -- Codexis Inc., an enzyme developer that works with biofuel and drug makers, plans to go public this week in an initial public offering that could raise as much as $103.5 million.
In a form filed on Friday with the Securities and Exchange Commission, the Redwood City, Calif., company said it plans to sell 6 million shares of stock at $13 to $15 per share. The underwriters of its offer will have the option to buy another 900,000 shares to cover any over allotments.
Codexis develops technology that is used to create biocatalysts, or enzymes and microbes used to start up or accelerate chemical reactions. The company gets most of its revenue from oil and gas company Royal Dutch Shell PLC under an agreement that is set to last until November 2012. It has also worked with drug makers including Pfizer Inc. and Merck and Co.
The company said it hopes to do business with the air, water, and chemicals industries along with biofuel and pharmaceutical companies. Codexis took a loss of $20.3 million in 2009, which is less than half the amount it lost the year before. It posted $18.6 million in revenue.
Proceeds from the offering will be used for general corporate purposes, and possibly for acquisitions of other companies, products, or technologies.
Shares of Codexis will trade on the Nasdaq Global Market under the symbol "CDXS."
Posted: April 2010