CAMBRIDGE, Mass., Nov 16, 2009 (BUSINESS WIRE) -- Metabolix, Inc. (NASDAQ: MBLX), a bioscience company focused on developing sustainable solutions for plastics, chemicals and energy, today announced the completion of its previously announced underwritten public offering of 3,450,000 shares of its common stock at a price of $9.00 per share for gross proceeds of approximately $31 million. The aggregate number of shares sold reflects the exercise in full by the underwriters of their over-allotment option to purchase an additional 450,000 shares of common stock. The Company received net proceeds of approximately $29 million, after deducting underwriting discounts and commissions and estimated offering expenses. Jefferies & Company and Thomas Weisel Partners LLC served as the underwriters for this offering.
The Company intends to use the net proceeds from the offering for working capital and other general corporate purposes.
The shares were issued pursuant to a shelf registration statement that was previously filed with the SEC and was declared effective on January 30, 2008. Copies of the final prospectus supplement and accompanying prospectus relating to these securities may be obtained from Jefferies & Company, Inc., 520 Madison Avenue, New York, NY 10022, 1-888-449-2342 or Thomas Weisel Partners LLC, One Montgomery Street, San Francisco, California 94104 (415) 364-2720.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Founded in 1992, Metabolix, Inc. is an innovation-driven bioscience company focused on providing sustainable solutions for the world's needs for plastics, chemicals and energy. The Company is taking a systems approach, from gene to end product, integrating sophisticated biotechnology with advanced industrial practice. Metabolix is now developing and commercializing Mirel(TM), a family of high performance bioplastics which are biobased and biodegradable alternatives to many petroleum-based plastics. Metabolix is also developing a proprietary platform technology for co-producing plastics, chemicals and energy, from crops such as switchgrass, oilseeds and sugarcane.
For more information, please visit www.metabolix.com. (MBLX-E)
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in this press release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release which are not strictly historical statements, including, without limitation, statements regarding Metabolix's use of proceeds from its sale of common stock and statements regarding expectations for Metabolix research and development programs, constitute forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated and are detailed in Metabolix's filings with the Securities and Exchange Commission, including its annual report on Form 10-K and quarterly reports on Form 10-Q. Metabolix assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
SOURCE: Metabolix, Inc.
James Palczynski, 203-682-8229
Matt Lindberg, 203-682-8214
Brian Ruby, 203-682-8268
Copyright Business Wire 2009