Wednesday, July 23, 2008

Polaris puts up part of $10M for N.C.-based Athenix

By Mass High Tech Staff

Polaris Venture Partners of Waltham was among the investors in the latest round of funding for agricultural technologies company Athenix Corp., according to a regulatory filing cited by website PE Hub.

Among the other firms involved in the $10 million round were return investors Hunt BioVentures of Dallas and Intersouth Partners of Durham, N.C.

Research Triangle Park, N.C.-based Athenix is a biotechnology company focused on transgenic corn and soybean crop seeds for use in applications that include biofuels. In 2007, the company moved from Durham, N.C., into Research Triangle Park, expanding from 12,000 square feet to more than 30,000 square feet of space.

The founders of Athenix helped create the first genetically modified corn in 1995. The corn was able to resist specific bugs, resulting in abundant yields. Currently, much of the corn being grown in farm states is genetically modified bug-resistant corn.

Athenix, founded in 2001, counts among its previous investors Eastman Ventures of Tennessee, Finistere Partners LLC of San Diego and Boston Millennia Partners.