In a European biotech investment environment under pressure, fast–growing Danish biotech company Fluxome Sciences A/S announces a capital increase of DKK 100 mio/EUR 13 mio.
The DKK 100 mio/EUR 13 mio capital increase has been secured through a continued strong commitment from current investors SEVENTURE Partners (France), INCUBA Venture (Denmark), VECATA A/S (Denmark) and the addition of one of Europe´s leading cleantech funds, Capricorn Cleantech Fund, managed by CAPRICORN Venture Partners (Belgium), to the group of share holders.
"I am very satisfied with the strengthening of our capital foundation and panel of investors", Chairman of the Board of Fluxome Sciences, Erik Højsholt says. "The capital increase of DKK 100 mio will provide the capital needed to continue the execution of Fluxome´s ambitious growth strategy."
The capital increase confirms the significant interest venture capital market has shown Fluxome as a result of the company´s very positive development. Three weeks ago, Fluxome announced entering into a strategic partnership agreement with CP Kelco U.S. Inc., a unit of J.M. Huber Corporation, to jointly develop and commercialize fermentation derived resveratrol. The agreement will support accelerating the planned market introduction – expected as early as autumn 2008.
Fluxome´s vision is to become one of the global leading companies in the development, production and marketing of nutraceutical ingredients - a group of compounds with documented health benefits. Nutraceutical ingredients are used in dietary supplements and foods and represent a fast growing market; in 2007 worth a value of USD 8 billion on ingredients alone. This market is expected to double before 2015.
Besides resveratrol, Fluxome´s pipeline offers a range of other nutraceutical ingredients, amongst others several unsaturated fatty acids (PUFA) of which the first will see market introduction during 2010.
"Our capital increase enables us to continue the company´s successful growth", says Fluxome´s CEO, Steen Andersen. "We will be developing our technology platform even further and focus on realization of our business strategy objectives. The transaction is an important step in the transformation from a technology platform structure to a product based company. I am extremely pleased with the large interest we have experienced from the global venture environment. This is a clear token of recognition towards our business and long–term strategy documented by the very promising results we have achieved so far through the efforts of our highly motivated team of employees."
About Fluxome Sciences A/S
Fluxome, a Copenhagen–based Danish company, is a recognized leader in the field of industrial biotechnology. Fluxome uses its proprietary, cutting–edge microbial metabolic engineering technology platform to build highly efficient cell factories for the production of a broad range of commercially important nutraceutical ingredients. Fluxome´s technology allows the company to rapidly develop and commercialize high purity, natural products manufactured using cost–effective bioprocesses. More information can be found at our website: www.fluxome.com.
