Reposted from Midven
Combining Excellence In Industrial Biotechnology
May 18th, 2015 – Welwyn Garden City, UK and Baltimore, MD, US.
BioSyntha Technology Ltd and ZuvaChem LLC announced this week that they have merged, bringing enhanced focus and resources to commercialise the microbial production of industrial chemicals from inexpensive renewable feedstocks such as syngas and methanol. The financing secured in conjunction with this merger supports the company’s lead program for the production of 1,3-butadiene. The Company will also seek further collaborations with industrial partners to develop and commercialise its novel bio-route to 1,3-butanediol and associated derivatives.
BioSyntha Technology Ltd, formerly part of Novacta Biosystems Ltd, was founded in 2012 and is a leading technology developer in the industrial biotechnology sector. Biosyntha’s proprietary focus has been the development of highly efficient low cost routes to important chemical products using engineered acetogenic bacteria.
“Based upon our common vision, this merger marks an important milestone in the restructuring, development and commercialisation of our business. It delivers enhanced capabilities, a strengthened leadership team and accelerates our route to market. We look forward to an exciting future working together,” said Steve Martin, CEO of BioSyntha.
ZuvaChem LLC (a subsidiary of Acidophil LLC) was founded in 2008 to develop innovative routes for the microbial production of industrial chemicals with a specific focus on chemicals for the renewable rubber tyre industry. ZuvaChem has advanced these developments through a series of research contracts and sponsored research agreements.
“We are excited to complete this merger that recognises the synergies between the two companies,” said Philip Goelet, CEO of Acidophil LLC. “It places our new company in a strong position to continue commercialisation of its primary program on 1,3-butadiene but also allows it to explore and develop the potential in its pipeline with further partners.”
As part of the deal, funding was secured from Acidophil Investors III, Rainbow Seed Fund (RSF) and Oxford Technology 4 VCT.
Oliver Sexton, from Rainbow Seed Fund said, “RSF has invested in BioSyntha’s $12bn market lead project since its inception. As well as providing finance, our team has also been able to offer advice and guidance to the management teams involved along the way. The merger will accelerate the company’s growth and collaboration with a major corporate partner in the rubber market. ZuvaSyntha’s proprietary pipeline is promising and RSF is excited about ZuvaSyntha’s bright green future.”
The new company, ZuvaSyntha Ltd, will be based in the UK and will be led by Steve Martin, the Company’s CEO. Steve will work with a talented technical team and a highly experienced and commercially successful board.
ZuvaSyntha is actively seeking further development partners for renewable chemicals. Further information can be found at www.zuvasyntha.com.