Fifteen months after shelving IPO plans, biotech company Codexis Inc., which produces enzymes and microbes that make industrial processes cleaner and faster, has filed for a initial public offering on the Nasdaq.
The Redwood City, Calif.-based company, which has venture capital backers, said in a filing Monday, Dec. 28, with the Securities and Exchange Commission that it plans to raise about $100 million in the offering. It did not provide details on the number or value of shares to be sold.
Codexis had planned an IPO in late 2008 but scrapped those plans in September of that year amid the market meltdown.
The company makes biocatalysts, which are production materials that help to lower the environmental impact of drug and fuel production. It is working with major drug companies like Merck & Co. Inc. and Pfizer Inc. and has a five-year exclusive deal to help oil giant Shell turn biomass into fuel. It hopes to use its biocatalysts in water purification and carbon emission problems in the future.
The major shareholders in Codexis are the pharmaceutical company Maxygen Inc., which spun out the company in 2003, and Shell, which is Codexis's exclusive biofuels partner. Its VC backers include crossover San Francisco firm CMEA Ventures, Biomedical Sciences Investment Fund Pte Ltd. of Singapore, FirstMark Capital of New York, and San Ramon, Calif.-based CTTV Investments LLC.
In the first nine months of 2009, Codexis's product revenue rose 24% to $13.4 million from $10.8 million in the same period a year earlier. The net loss fell to $15.1 million from $38.8 million a year ago.
Codexis said it plans to use proceeds from the IPO for working capital and general corporate purposes.
The company plans to list on the Nasdaq under the symbol "CDXS."
Credit Suisse and Goldman Sachs & Co. will lead the IPO underwriting syndicate, which includes RBC Capital Markets and Pacific Crest Securities. Credit Suisse, Goldman Sachs and RBC had also been involved in the previous attempt at an IPO.
Patrick A. Pohlen and Gregory Chin at law firm Latham & Watkins LLP are advising the issuers in the IPO while John A. Fore and Michael S. Russell at Wilson Sonsini Goodrich & Rosati Professional Corp. are representing the underwriters.
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