Allylix Raises $6M in First Closing of Series C Financing

Allylix Inc., a San Diego, CA-based biotechnology firm which develops a metabolic engineering platform enabling low-cost production of terpene products through yeast fermentation, agricultural and biofuel markets, has raised $6m in the first closing of its Series C financing
The round was led by Midpoint Food & Ag Fund, with participation from new investor Avrio Ventures and existing investor, Tate & Lyle Ventures, the UK-based venture fund focused on food sciences and industrial biotechnology. 
According to a press release, Allylix expects to complete a second closing of the Series C Financing within 90 days.
The funds will allow the company to commercialize its first three products for the food and fragrance industry, and allow it to advance several additional products in its pipeline.
The first product is Nootkatone, a long-lasting citrus flavor and fragrance used in the food, beverage, and personal care industries.
The technology platform, which is protected by 28 patents, with additional applications pending, is applicable to a wide range of products across a number of industries including not only flavors and fragrances but food ingredients, fine chemicals, pesticides and crop protection products and pharmaceuticals.
In 2008, the company licensed its technology for use in specific biofuels products. 

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