Avantium IPO “Many Times Oversubscribed:” What Buyers Are So Excited About

Jim Lane  In France, Avantium completed its highly-anticipated initial public offering, raising $109.5M (€103M) via the sale of 9,401,793 shares at $11.70 (€11) per share, giving the company a market capitalization reaches of $294M (€277M). Trading will begin on March 15th 2017 on Euronext Amsterdam and Euronext Bruxelles under the symbol AVTX. The Company anticipates to use €65-75 million of the net proceeds of the Offering for the funding of the Joint Venture, enabling it to construct and operate the reference plant for the commercialization of the YXY technology. The company’s first world-scale plant is a 50,000 tons...

BioAmber Gets Little Love From Investors on Valentine’s Day

by Debra Fiakas Management of sustainable chemical developer BioAmber (BIOA:  NYSE; BIOA:  TSX) have not been feeling much love from the capital markets.  The BioAmber team just wants some consideration for its proprietary platform for production of bio-based succinic acid.  Historically succinic acid has been produced from fossil fuel and sold as an intermediate input for use in drug compounds, agriculture and food production.  BioAmber has fine tuned a fermentation process to transform organic materials such as dextrose sugars into a bio-succinic acid. BioAmber’s woes began last fall when the New York Stock Exchange sent the company a notice of non-compliance with NYSE...

Countdown To Codexis’ Day Of Reckoning

It is earnings season and bio-catalyst developer Codexis (CDXS:  Nasdaq) is expected to report fourth quarter and year-end 2017 financial results in the coming weeks.  The three analysts who regularly publish estimates for the company expect a nickel profit in the quarter on $23 million in total sales of the company’s custom protein catalysts.  Codexis is still perfecting its proprietary platform technology called CodeEvolver, but has already delivered an array of unique enzymes that help drive critical biological processes for its customers. Codexis does not have a good track record in terms of meeting the consensus estimate.  The company has only cleared the...

Interview With Dan Oh, CEO Of Renewable Energy Group

Jim Lane Leading a series this week, “The Strategics Speak", in which we’ll look at what a number of major strategic investors see in the landscape relating to industrial, energy and agricultural investment, Biofuels Digest visited with Dan Oh, CEO of Renewable Energy Group (REGI), which has long been the US’s leading independent biodiesel producer but in recent years has steadily diversified and expanded operations. In many ways, REG is the entire industrial biotech business in a nutshelll. They’re fermentation (through REG Life Sciences), and thermocatalytic (through REG Geismar and their extensive biodiesel business). They use both...
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Biofuels & Biobased Earnings Roundup: Novozymes

by Jim Lane The Top Line. In Denmark, Novozymes (Copenhagen:NZYM-B; OTC:NVZMY) reported 4% organic sales growth for the first half and a 5 percent jump in Q2 with bioenergy reporting a 14% jump. Overall, net profit grew 5% and the company affirmed its 2018 guidance. Sales dipped to DKK 7,018m from DKK 7,278m, and EBITDA was flat at DKK 2,464m, although we primarily attribute that to currency shifts. The Big Highlights. Growth in Food & Beverages and Agriculture & Feed; Bioenergy particularly strong. Good ramp-up of recent product launches. +7% organic sales growth in emerging markets; Freshness & hygiene platform in Household Care developing according to...

American Refining Group Joins Amyris And Cosan In Renewable Base Oil JV

Jim Lane IIn California, American Refining Group has committed to a 33.3% equity investment into Novvi , a joint venture of Amyris (AMRS) and Cosan (CZZ). Both Amyris and Cosan will continue to hold share ownership stakes in Novvi, together with ARG. It’s not a tiny market by any means. The global markets for base oils and lubricants, are expected to reach $42 billion and $70 billion in size, respectively, by 2020, according to Amyris. For ARG: Why Novvi, why now? Think novel performance. It goes in two directions. First, there’s low-carbon performance customers want...

Amyris Boards The Sweet Fleet

Jim Lane Back in September 2015, we reported that Amyris inked a multi-year agreement with the US Defense Advance Research Projects Agency, the famed DARPA that gave us everything from kevlar to the Global Positioning System and the Internet the goal in this $35M agreement with the Biological Technologies Office was to create new research and development tools and technologies compressing the time to market for any new molecule by at least 10-fold in both time and cost. The story expanded this week when we heard from Amyris (AMRS) that it had completed strain engineering and...

Three Renewables Companies: No Pain, No Gain

Jim Lane In California and Canada this week, BioAmber (BIOA), Pacific Ethanol (PEIX) and the former Solazyme (SZYM) reported their Q4 and year-end results, providing between them a fascinating look at the evolution in the fuels, renewable chemicals, specialty products and nutrition that make up the advanced bioeconomy. In advanced nutrition The most spectacular news of the week belonged to TerraVia (formerly SolaZyme), which landed a 5-year, $200 million “baseload” offtake deal with Unilever, which provides a huge lift for investors and validates the economics and performance of the company’s first commercial plant, which it operates in a...
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Investing in Biopolymers

Last month Eastman Chemical Company (EMN:  NYSE) announced an expansion of its urethane extrusion line at one of its specialty chemical plants. This one located near Martinsville, Virginia makes paint protection films and window films.  Urethane is perfect to protect surfaces in a home or business.  It is not brittle like plastic, but has excellent tolerance for grease and oils.  When exposed to the elements it does not rot or degrade over time like rubber. Shareholders likely cheered the development in Virginia for potential addition to market share.  Eastman grabbed $9.6 billion in sales from the specialty chemicals market in 2017, earning $1.4 billion in net income or...

Bioplastics Maker Avantium’s IPO Plans

Jim Lane Here’s our 10-minute version of the filing, slightly re-organized to make sense to Earthlings instead of aliens from the Planet Prospectus. In the Netherlands, bioplastics maker Avantium is planning an initial public offering and listing of all shares on Euronext Amsterdam and Euronext Brussels. The company expects to raise up to €100 million (USD$106 million) and complete the offering by the end of the current quarter. More than half of the offering has already been secured via commitments from cornerstone investors. Avantium’s YXY technology converts plant-based sugar into chemicals and plastics, including 2,5-furandicarboxylic acid, a precursor...

Spring Blossoms: Amyris First Quarter Earnings

Jim Lane Lily flowered tulip 'Maytime' photo by Tom Konrad In California, Amyris (AMRS) announced net income of $16.4M on revenues of $6.2M for Q1 2014, after reporting a $32.6M loss in Q1 2013 on revenues of $9.0M. The change in net income was primary due to a non-cash benefit relating to outstanding convertible notes, a result of a decrease in the Company’s stock price at 3/31/14 compared to the stock price at 12/31/13. In a release accompanying the results, the company highlighted that it: Achieved combined...

BioAmber Completes IPO

Jim Lane Raises $80M at $10 per share; becomes first new industrial biotech company to complete IPO in more than a year. What went right and how? Is the IPO window re-opening? In Minnesota, BioAmber announced the pricing of its initial public offering of 8 million units consisting of one share of common stock and one warrant to purchase half of one share of common stock at $10 per unit, before underwriting discounts and commissions. All units are being sold. BioAmber has granted the underwriters an option for 30 days to purchase up to an additional 1.2 million...

Solazyme’s Not-So-Puzzling Rebranding

Jim Lane Solazyme undergoes Focus Reassignment Surgery and re-emerges as TerraVia. Industrials to spin off, nutrition the focus now. The what, the why, and the “why now?” In California, Solazyme (SZYM) said that it is now focusing exclusively on food, nutrition and specialty ingredients, renaming the company TerraVia. Having elevated CEO and co-founder Jonathan Wolfson to the Executive Chairman post, the company says it is on the hunt for a food-business CEO, and has raised $28M from a group of foodie investors including Glenhill Capital, VMG Partners, PowerPlant Ventures, ARTIS Ventures, Simon Equities and several influential food industry...

The Velocity of Amyris

Jim Lane What makes Amyris (AMRS), Amyris? We look at the products, the evolution of the story, the partners, the focus on yield, and deeper into the story of Rate. “I mean, man, whither goest thou? Whither goest thou, America, in thy shiny car in the night?” “Whither goest thou?” echoed Dean with his mouth open. We sat and didn’t know what to say; there was nothing to talk about any more. The only thing to do was go.” Jack Kerouac, On the Road Amyris experienced last month what CEO John Melo referred to as “our...
Bion Tech platform

Bion: Waste To Dollars

Earlier this week Bion Environmental Technologies (BNET) received approval of a patent for its proprietary ammonia recovery process.  Bion’s technology converts livestock wastes into ammonium bicarbonate.  Patent protection in the U.S. paves the way for Bion to deliver an environmentally friendly chemical to the market at attractive profit margins. Ammonium bicarbonate is used for a variety of purposes from leavening to crop additives.   It is the fertilizer market that has caught Bion’s attention.  The company intends to ‘close the loop’ for the agricultural sector by helping livestock producers economically dispose of waste and then delivering a fertilizer for food crops that qualifies as organic. It is an attractive...
Cornpops

List of Biochemicals Stocks

Biochemicals stocks are publicly traded companies whose business involves using plant or animal based feedstocks (biomass) to create new chemicals or substitutes of existing petrochemicals, plastics, or other fossil fuel derived substances other than fuels. This post was last updated on 7/9/2021. Amyris (AMRS) BioAmber (BIOA) Bion Environmental Technologies (BNET) Circa Group AS (CIRCA.OL) Codexis (CDXS) Corbion (CRBN.AS; CSNVY) Danimer Scientific, Inc. (DNMR) Eastman Chemical Company (EMN) Global Bioenergies (ALGBE: EURONEXT) Novozymes (Copenhagen:NZYM-B; OTC:NVZMY) Royal DSM (DSM.AS; KDSKF; RDSMY) SECOS Group (SES.AX) If you know of any biochemicals stock that is not listed here and should be, please let us know by leaving a comment. Also for stocks in the list that you think should...
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