Metabolix makes $27M public offering

By Mass High Tech staff

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Cambridge bioscience company Metabolix Inc. has announced a public offering that could bring in about $27 million for the company. Expected to close Nov. 16, 2009, the offering of three million shares of company stock is priced at $9 per share.

Proceeds from the offering will be used for “working capital and other general corporate purposes,” company officials said.

As part of the offering, the underwriters, Jefferies & Co. and Thomas Weisel Partners LLC, have a 30-day option to buy up to 450,000 shares for potential over-allotments, giving Metabolix the potential to receive up to $31 million, before associated expenses.

Founded in 1992, Metabolix (Nasdaq: MBLX) develops a series of bioplastics and biodegradable alternatives to petroleum-based plastics, in addition to the technology to make plastics, energy and chemicals from raw materials.

Last month, Metabolix was awarded a $350,000 grant for research into how to make biobased and biodegradable resins suitable for the plastic beverage bottles and other containers.

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