Allylix Announces Series C Final Close at $9 Million

April 13, 2010 - PRLog -- SAN DIEGO, Calif. — Allylix Inc. announced that it has completed its Series C financing, raising an aggregate of $9 million, including the $6 million announced previously. The company received additional investment from new investor Middleland Capital as well as existing investors Blue Grass Angels, Life Science Angels, Tech Coast Angels, Pasadena Angels and Tate & Lyle Ventures.

Securing this round of funding allows the company to commercialize its initial three products for the flavor and fragrance industry, and allows it to advance other products in its already mature pipeline.

Allylix’s green chemical platform uses yeast fermentation to enable low-cost production of high-value terpene products. Using its unique platform, the company is able to develop products quickly with only incremental investment in each new product.  Further, the platform is applicable to a wide range of products across a number of industries beyond flavors and fragrances including: food ingredients, fine chemicals, pesticides and crop-protection products, biofuels and pharmaceuticals.  The technology is protected by 29 patents, with additional applications pending.  In 2008, the company licensed its technology for use in specific biofuels products.

“Allylix is in a unique position to provide a variety of biologically-produced specialty chemicals,” said Simon Barnes, Tate and Lyle Ventures’ managing partner. “The renewable chemistry industry is just emerging, and Allylix’s platform is positioned to capture significant value.”

Allylix has scaled its platform to industrial production level and this year will release three products in commercial quantities. The first of the products, nootkatone, is a long-lasting citrus flavor and fragrance used in the food, beverage, and personal care industries which has until now been available only in limited quantities and at high prices.  Allylix’s technology, which makes nootkatone available at lower prices and in larger volumes, will allow customers to dramatically expand the use of nootkatone in both new and existing applications.

About Allylix, Inc.
Allylix Inc. develops terpene products and their derivatives for the flavor and fragrance, food ingredient, pharmaceutical, agricultural and biofuel markets. Allylix’s technology produces high-value natural terpenes in greater quantities, of higher quality, and at significantly lower cost than traditional sources. For more information, visit http://www.allylix.com.