Codexis $25m financing deal to boost development

Published: 1-Nov-2002


Codexis, a subsidiary of Maxygen, has raised US$25m (€25.5m) in a private financing initiative. It is Codexis' first independent financing since its establishment as a subsidiary of Maxygen in January 2002. The funds raised will be used to advance the commercialisation of Codexis' products, with a primary focus on developing novel biocatalysts and improved manufacturing processes. Codexis intends to gain value by the direct supply of pharmaceutical intermediates and bulk actives, in addition to providing novel biocatalysts and improved manufacturing processes through funded r&d partnerships with pharmaceutical and other industrial customers.

Prior to its establishment as an independent company, Codexis was the chemicals business unit of Maxygen, which has been operating since 1997. The company has successfully applied its proprietary MolecularBreeding directed molecular evolution technologies for the development of multiple novel manufacturing processes. To date, several Codexis processes have been validated at commercial scale, generating milestone and on-going royalty payments. These include processes for pharmaceutical intermediates developed for Codexis' partners Pfizer and DSM.

'Since 1997, we have validated our business model and technologies with the signing of seven strategic alliances and the development of a pipeline of more than 24 potential products and processes,' stated Alan Shaw, president and ceo of Codexis. 'This new funding will help us accelerate the development of our product and process pipeline and to pursue commercial arrangements that help us capture significant value for the commercialisation of our products.'

CMEA Ventures, based in San Francisco, and Pequot Ventures, the direct investment arm of Pequot Capital Management, led the round, which also included investments from ChevronTexaco Technology Ventures and Maxygen. Tom Baruch, general partner of CMEA Ventures and Patrick Enright, principal of Pequot Ventures, will join the Codexis Board of Directors. Codexis is a biotechnology company focused on commercialising Maxygen's core directed evolution technologies to create improved biocatalytic and fermentation-based processes.

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