Amyris raises $83.7 million
After a hard week for bio-products company Amyris, the company said it's raised $83.7 million to help shore up its finances and continue to grow.
In its quarterly earnings call two weeks ago, Amyris CEO John Melo said the company would not pursue biofuels and instead would concentrate on products that could be made more economically. Amyris's technology can produce all kinds of things including chemicals, food products and cosmetics from renewable materials. But producing those products at a cost that can compete with non-bio-based products in those categories is the challenge.
Several biofuels companies, including algae oil company Solazyme and LS9 are targeting products with higher margins, like cosmetics, in an effort to make money now, before they have enough money to build out the massive infrastructure that would be required to produce transportation fuels at competitive rates.
Amyris (NASDAQ: AMRS) raised $58.7 million through a private placement of its common stock at $5.78 per share.
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