Codexis Secures $37 Million in Series D Financing, Expands Research and Development in Singapore

Strategic Insights -

Codexis, Inc. has completed a $37 million Series D financing round, led by Bio*One Capital Pte Ltd of Singapore, with existing investors participating. This brings Codexis' total funding to $72 million, with an additional $3 million expected to be raised in the next 60 days. The company plans to use the funds to expand its research and development capabilities, focusing on developing its own products for the generic pharmaceutical industry.

The new financing will enable Codexis to expand its portfolio of active pharmaceutical ingredients (API), the key elements in every drug formulation. Codexis has historically focused on improving customers' development capabilities through its Molecular Breeding technology, rather than developing bulk product for generic manufacturing. With the additional funding, the company aims to establish a presence in the generic API market, which has grown significantly in recent years, reaching $60 billion in 2006, a 115% increase since 1998.

Key Takeaways:

  • Codexis has secured $37 million in Series D financing, led by Bio*One Capital Pte Ltd of Singapore.
  • Existing investors, including CMEA Ventures, Pequot Ventures, and Chevron Technology Ventures, participated in the financing.
  • The company will use the funds to expand its research and development capabilities, focusing on developing its own products for the generic pharmaceutical industry.
  • Codexis will open a research and development center in Singapore, scheduled to open in the third quarter of 2007, which will focus on new product development for the company's API and generics business.
  • The center is expected to house up to 80 R & D and operations personnel when fully staffed.
  • Codexis has established partnerships with leading proprietary and generic pharmaceutical manufacturers, leveraging its expertise and track record in applying its proprietary technology to high-value pharmaceutical products to improve their purity profile and reduce manufacturing time, cost, and waste.

Statistics:

  • $37 million: Amount of Series D financing raised by Codexis
  • $72 million: Total funding for Codexis to date
  • $60 billion: Market size for the generics business in 2006
  • 115%: Growth rate of the generics business since 1998
  • $3 million: Additional funding expected to be raised in the next 60 days
  • 80: Estimated number of R & D and operations personnel when the Singapore R & D center is fully staffed

Sources:

  • Codexis, Inc. press release
  • Bio*One Capital Pte Ltd statement
  • NewsRx.com
  • Health & Medicine Week via NewsRx.com
  • A*STAR (Agency for Science, Technology and Research)