Codexis has decided to wade into frigid market waters with an IPO that may be used to raise upwards of $100 million. The company makes biocatalysts: enzymes or microbes that cause chemical reactions. Those biocatalysts have been used by drug companies like Bristol-Myers Squibb, Merck and Pfizer. Proceeds will go to general working capital. And the money is needed, it appears. Codexis lost $39 million last year even as its earnings jumped to $25.3 million.
- read the AP story
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