Codexis to Establish New R&D Facility in Singapore to Support Expanding Generics Business
Codexis announced that it will establish a research and development center in Singapore, scheduled to open in the third quarter of 2007. The R&D center will focus on new product development for the company's API and generics business. When fully staffed, the center is expected to house up to 80 R&D and operations personnel. This will be Codexis' second international location, in addition to the company's chemical enzyme and intermediates manufacturing facility in Jlich, Germany.
Codexis, Inc. has also raised $37 million in a Series D financing. The financing was lead by Bio*One Capital Pte Ltd of Singapore. Existing investors CMEA Ventures, Pequot Ventures, Chevron Technology Ventures and Maxygen, Inc. also participated in the financing. To date, Codexis has raised $72 million. The company anticipates placing an additional $3 million of Series D in the next 60 days.
Codexis will use the proceeds from the offering to expand its research and development capabilities, furthering the company's strategy of developing its own products for direct sale to the generic pharmaceutical industry. Specifically, additional funding will enable the company to expand its portfolio of active pharmaceutical ingredients (API), the key elements in every drug formulation. To date, the company has focused on improving customers' development capabilities through the application of its Molecular Breeding(TM) technology, rather than developing bulk product for generic manufacturing.
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