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Codexis Takes Another Stab at IPO

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Biotech hoping the second time is the charm.

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Often, the second time's the charm. At least, that's what a Redwood City, California-based biotech is hoping now that it's filed a prospectus for an initial public offering with the Securities and Exchange Commission for the second time.

Codexis filed an IPO Monday with the SEC for an undisclosed price range and share amount. The company listed $100 million offering price on the prospectus with a $7,130 registration fee. Codexis originally filed a prospectus with the SEC in April 2008 and paid $3,930 then in registration fees before withdrawing the application in September 2008. The offering price included the underwriters' option on additional shares. The company will trade on the NASDAQ Global Market under the symbol "CDXS."

The recurrence of the filing isn't entirely a surprise; Codexis Chief Executive Alan Shaw told the media this past summer that the company expects to be profitable in 2010 and that an IPO was inevitable.

Codexis has been fine-tuning its business and establishing deals with major corporations as a way to bolster its appeal to potential investors. The company develops biocatalysts, which instigate chemical reactions, as an alternative to costly large-scale chemical production used by booming industries like pharmaceuticals and biofuels.

Unlike conventional chemical processes, which require extreme manufacturing environments and produce hazardous waste, biocatalysts can operate under normal temperatures and pressures, eliminating the need for complex production equipment. The company's technology also reduces wasteful by-products by altering the enzymes' genetic make-up.

"We believe that our proprietary technology platform can transform the industrial application of biocatalysts by improving their commercially relevant characteristics, such as stability, activity, product yield and tolerance to industrial conditions, while reducing product inhibition," said the company in the filing. "Most importantly, we have demonstrated that our technology platform can enable the manufacture of products cost-effectively, at commercial scale and with significantly reduced environmental impact relative to conventional manufacturing processes."
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