Allylix secures $6 mil. in venture capital
This article was originally published in The Tan Sheet
Executive Summary
The San Diego, Calif.-based biotech firm raises $6 million in series C financing to commercialize the compound nootkatone and other products for flavor and fragrance applications. Nootkatone, produced from grapefruit peel extractions, is a citrus flavor used in fruit juices and sodas. The funding validates Allylix's technology platform - which "enables low-cost production of high-value terpene products through yeast fermentation" - and commercial viability, giving the firm a chance to deliver its products to the market, says CEO Carolyn Fritz. With the funding, Allylix says it plans to create a lower-priced production process and expand applications of nootkatone to more food and fragrance products. Allylix expects another round of series C financing to end in 60 days, according to a release
|
The San Diego, Calif.-based biotech firm raises $6 million in series C financing to commercialize the compound nootkatone and other products for flavor and fragrance applications. Nootkatone, produced from grapefruit peel extractions, is a citrus flavor used in fruit juices and sodas. The funding validates Allylix's technology platform - which "enables low-cost production of high-value terpene products through yeast fermentation" - and commercial viability, giving the firm a chance to deliver its products to the market, says CEO Carolyn Fritz. With the funding, Allylix says it plans to create a lower-priced production process and expand applications of nootkatone to more food and fragrance products. Allylix expects another round of series C financing to end in 60 days, according to a release. |