Metabolix Prices Public Offering (NASDAQ:MBLX)

Metabolix Inc (NASDAQ:MBLX) have announced that they have priced a public offering of 3.0 million new issued shares of its common stock at a public offering price of US$9.00 per share. The gross proceeds to Metabolix, before underwriting discounts and commissions and other offering expenses, from the sale of the shares are expected to be approximately US$27 million. The offering is expected to close on November 16, 2009, subject to customary closing conditions. Metabolix Inc has said that they intend to use the net proceeds it receives from the offering for working capital and other general corporate purposes.

The Company has granted the underwriters (Jefferies & Company and Thomas Weisel Partners LLC) a 30-day option to purchase up to 450,000 additional shares to cover over-allotments, if any. If the underwriters exercise their over-allotment option in full, gross proceeds from the offering, before underwriting discounts and commissions and other offering expenses, will be approximately $31 million.

Metabolix, Inc. is an upcoming bioscience company focused on providing innovative and 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. Its first platform, which is commercialized through a joint venture with Archer Daniels Midland Company (ADM), is a microbial fermentation system for producing a family of naturally occurring polymers known as polyhydroxyalkanoates, which was branded under the name Mirel. Metabolix’s second technology platform, which is in an early stage, is a biomass biorefinery system using plant crops to co-produce both bioplastics and bioenergy.