Tuesday, March 27, 2012

OPXBIO Hits Production Milestone

Boulder-based OPX Biotechnologies, the venture-backed developer of renewable chemicals technology headed by Charles R. Eggert, reported today that it has hit a milestone in commercializing its technology. The firm said it has successfully demonstrated its fermentation process for producing bio-based acrylic acid, a major step along the way towards commercializing its alternative to petroleum-based acrylic acid. OPXBIO is working with Dow Chemical to take the new product to market. Acrylic acid is used in diapers, detergents, paints and adhesives. OPXBIO is venture backed by Altira Group, Braemar Energy Ventures, DBL Investors, Mohr Davidow Ventures, US Renewables Group, Wolfenson Capital Partners, and X/Seed Capital. The company says is now has 60 people in Boulder working on its efforts, which have garnered the company $64M in venture funding so far, among the most venture capital invested in a local startup.