Allylix raises $6M in first closing of Series C financing

Feb 10 2010

Allylix Inc. announced today that it has raised $6 million in the first closing of its Series C financing. The money will allow the Company to commercialize its first three products for the food and fragrance industry, and allow it to advance several additional products in its pipeline.

“It gives us the opportunity to deliver high-quality, high-value products to the market.”

The biotechnology firm’s metabolic engineering platform enables low-cost production of high value terpene products through yeast fermentation. The technology is protected by 28 patents, with additional applications pending. Using its unique platform, the company is able to develop products quickly with only a small incremental investment in each new product. Further, the platform is applicable to a wide range of products across a number of industries including not only flavors and fragrances but food ingredients, fine chemicals, pesticides and crop protection products and pharmaceuticals. In 2008, the company licensed its technology for use in specific biofuels products.

“The funding validates our technology platform and commercial viability,” said Carolyn Fritz, Allylix CEO. “It gives us the opportunity to deliver high-quality, high-value products to the market.”

Allylix has successfully scaled its technology platform to industrial production level and this year will release three products in commercial quantities, the first of which is nootkatone. Nootkatone is a long-lasting citrus flavor and fragrance used in the food, beverage, and personal care industries which has until now been available only in limited quantities and at high prices. Allylix’s technology will allow customers to dramatically expand the use of nootkatone in existing as well as new applications.

This financing round, led by Midpoint Food & Ag Fund, includes investments by new investor Avrio Ventures and existing investor, Tate & Lyle Ventures, the UK-based venture fund focused on food sciences and industrial biotechnology. Allylix expects to complete a second closing of the Series C Financing within 90 days.

“Our funding demonstrates our confidence in the substantial commercial potential of Allylix’s disruptive technology,” said Ron Meeusen, founder of Midpoint Food & Ag Fund. “We expect the company’s unique technology platform and production capabilities to create a step change in the way terpenes are developed and used across industries.”

SOURCE Allylix, Inc.