E•BOOM CAPITAL: Ceres, Inc. files IPO Prospectus
Agricultural biotechnology company Ceres, Inc., based in Thousand Oaks, California, filed an Initial Public Offering prospectus with the U.S. regulators Monday planning to raise up to $100 million and to list on NASDAQ under the symbol CERE.
The company said its objective is to be the leading provider of dedicated energy crop seeds and traits to the renewable energy industry, including first-generation biofuels such as ethanol as well as cellulosic biofuels, biopower and bio-based chemicals.
The company lost $11.28 million and generated total revenues of $3.33 million during the six months ended February 28, 2011, compared with a net loss of $11.72 million on revenues of $2.5 million for the same period of 2010. Cash at February 28, 2011 was $22.49 million and the company’s total accumulated deficit was $187.6 million.
Two products, described as high biomass sorghum and switchgrass, entered the biomass feedstock commercial market in the U.S., Europe and Brazil in 2009. Three other products are in under development, including a sweet sorghum that will be ready for the Brazilian commercial ethanol market in 2011 or 2012.
The following institutional investors own 87% of the company: European-based private equity firm Artal Luxembourg S.A., 18.08%; Warburg Pincus Private Equity IX L.P., 15.56%; private equity firm Ambergate Trust, 14%; Oxford Bioscience, 10.65%; European venture capital firm Gimv, 8.48%; Oppenheimer Growth Fund, 8.46%; Quantum Industrial Partners LDC, 5.77%; and Monsanto Company (NYSE: MON), 6.41%. Other investors with smaller holdings include Hambrecht & Quist Management Inc., Belgian financial company KBC Group, private equity firm Questmark Partners and Soros Private Equity Partners.
Photo credit: Ceres, Inc.
DISCLOSURE: The writer has no positions in, or professional connections with, these companies.
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