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News & Analysis US

Amyris Biotechnologies Plans To Go Public Through $100 Mln IPO

April 17, 2010, Saturday, 11:40 GMT | 06:40 EST | 15:10 IST | 17:40 SGT

(RTTNews) - Amyris Biotechnologies, Inc., a renewable products company, filed a registration statement with the U.S. securities regulator to go public through an initial public offering of up to $100 million of its common stock.

The Emeryville, California-based company neither disclosed the number of shares it intends to offer not its estimated price range. The company said it had applied to list its common stock under the symbol "AMRS"

The company said it expects to use the offering net proceeds for capital expenditures related to the establishment of production facilities, including capital expenditures related to the establishment of joint venture production facility, working capital and general corporate purposes.

For the year ended December 31, 2009, Amyris reported a net loss of $64.8 million and generated total revenues of $64.6 million.

The company specified that it has not yet generated any revenues from the commercialization of its own products, and that its revenues have come from ethanol sales by Amyris Fuels, which accounted for 95% of total revenues 2009, and from collaborative research services and grants.

In addition, Amyris anticipates continuing to incur losses in the future and may never achieve or sustain profitability. The company said it plans to commence commercialization of its products starting in 2011.

Entities affiliated with Advanced Equities Financial Corp., Lit Tele LLC, Entities affiliated with Khosla Ventures, TPG Biotechnology Partners II, L.P., Entities affiliated with Kleiner Perkins Caufield & Byers, Maxwell (Mauritius) Pte Ltd., all hold a significant stake in the company.