April 13, 2010
SAN DIEGOAllylix, Inc., completed its Series C financing, raising an aggregate of $9 million, including the $6 million announced previously. The financing allows the company to commercialize its initial three products for the flavor and fragrance industry, and advance other products in its pipeline.
Allylixs green chemical platform uses yeast fermentation to enable low-cost production of high-value terpene products. Using its unique platform, the company is able to develop products quickly with only incremental investment in each new product. The platform is applicable to a wide range of products across a number of industries beyond flavors and fragrances including food ingredients, fine chemicals, pesticides and crop-protection products, biofuels and pharmaceuticals.
Allylix has scaled its platform to industrial production level and will release three products in commercial quantities in 2010. The first product, nootkatone, is a long-lasting citrus flavor and fragrance used in the food, beverage, and personal care industries that has until now been available only in limited quantities and at high prices. Allylixs technology, which makes nootkatone available at lower prices and in larger volumes, will allow customers to expand the use of nootkatone in new and existing applications.
The company received additional investment from new investor Middleland Capital as well as existing investors Blue Grass Angels, Life Science Angels, Tech Coast Angels, Pasadena Angels, and Tate & Lyle Ventures.
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