Amyris secures $83.7m in funding

Renewable fuels and chemicals company, US-based Amyris, has completed a $58.7 million (€44 million) private placement of its common stock.

The company has also entered into a definitive agreement to privately place $25 million in aggregate principal amount of 3% senior unsecured note due 2017. The placement of notes is subject to customary closing conditions and expected to be completed by 28 February 2012.

The private placement of its common stock included existing Amyris investors Temasek Holdings, Total Gas & Power USA, SAS and Naxyris SA, as well as new investors, including Biolding Investment SA.

The purchase and sale price for the shares was $5.78 per share, based on the consolidated closing bid price for Amyris common stock on NASDAQ of $5.77 on 22 February 2012 – the date when Amyris and its investors entered into the purchase agreement for the transaction, plus $0.01.

As part of the common stock transaction, Biolding has agreed to invest an additional $15 million in common stock when Amyris has fulfilled all criteria associated with the startup of its Paraiso Bioenergia SA production plant in Brazil, expected by 31 March 2013.

The addition of this conditional $15 million in funding would bring the total amount raised in connection with these equity and note transactions to $98.7 million. Under the terms of the agreement, Amyris has granted Biolding, Naxyris and Temasek Holdings the right to designate a director to serve on Amyris' board.

The notes, which are acquired by various funds associated with an institutional investor for a purchase price of $25 million, have a conversion price of $7.0682 per share, which represents an 18% premium over the consolidated closing bid price of Anyris common stock on NASDAQ on 24 February 2012 – the day the parties entered into the purchase agreement for the unsecured notes.

'This renewed commitment of our investors puts Amyris on strong financial footing and reinforces our ability to scale up our technology,' says John Melo, president and CEO of Anyris.