CAMBRIDGE, Mass., Aug. 6, 2014 /PRNewswire/ -- Metabolix, Inc. (NASDAQ: MBLX), an advanced biomaterials company focused on sustainable solutions for the plastics and chemicals industries, today reported financial results for the three months ended June 30, 2014.
"As announced earlier this week, we have entered into a private placement agreement for $25 million of new equity financing, contingent upon obtaining a financial viability exception for the transaction from NASDAQ. Assuming we get the NASDAQ exception, we plan to deploy this capital to continue executing our business plan and building an intermediate-scale specialty polymers business based on our PHA biopolymer additives, that will serve as the foundation for our longer-range plans and the future growth of our business," said Joseph Shaulson, president and CEO of Metabolix.
"Operationally, we made good progress during the second quarter, as key customers ramped up commercial-scale trials of our PHA biopolymer products and we increased our pipeline of customers testing products in a variety of applications," Shaulson continued. "In the past several months, we have seen increasing interest and engagement with potential customers in the areas of PVC, PLA, latex coatings and micropowders, which underscores the value proposition of our innovative PHA products.
"We remain focused on securing financing, building market demand for our PHA products, and on having manufacturing up and running in 2015 to support an intermediate-scale biopolymers business. Once the private placement is completed, we plan to move forward with a preliminary engineering study and implementation planning for the retrofit of an existing contract manufacturing facility we have targeted for commercial PHA production. Successful completion of this study will enable us to progress to a detailed budget, definitive schedule and commercial co
|SOURCE Metabolix, Inc.|
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