22 February 2012
Overview
BioAmber Inc.
has completed its Series C round of financing with
net proceeds of $ 30 million.
The financing was closed in two tranches
1. a first tranche of $ 20 million on November 4th, 2011
with existing investors such as
* Naxos Capital
* Sofinnova Partners
* Mitsui & Co. Ltd.
* The Cliffton Group
2. a second tranche of $ 10 million on February 6th, 2012
with specialty chemicals company LANXESS.
all of BioAmber's Series B investors participated in the
Series C financing
Field of collaboration
1. The investment by LANXESS is the culmination of a
strategic collaboration in the field of
renewable, phthalate-free plasticizers.
BioAmber and LANXESS are jointly developing
phthalate-free plasticizers and expect to begin
sampling succinic-based plasticizers in 2012.
2. The companies are also collaborating in Sarnia, Ontario,
on the establishment of BioAmber's
first world-scale bio-succinic acid manufacturing facility.
LANXESS is owner of the site and will provide BioAmber with
utilities and services needed to operate the facility.
Concurrent with the investment, LANXESS will be joining the
BioAmber board of directors.
LANXESS
LANXESS' investment in BioAmber shows the commitment to
launching a new generation of plasticizers that satisfy
regulatory requirments and can also score in terms of sustainability.
LANXESS is actively engaged in leveraging its Sarnia site to
establish teh largest Bio-industrial Park in Canada.
offering land, energy and infrastructure for the development of
new bio-industrial chemicals.
LANXESS is working closely with BioAmber to anchor
the Bio-industrial Park, and this investment is a natural extension
of collaboration.
