* Prices at $13/shr vs $13-$15 range -underwriter
* Sells 6 mln shares, raises about $78 mln -underwriter
(Adds background on company)
NEW YORK, April 21 U.S. biotech company Codexis
Inc (CDXS.O) priced shares in its initial public offering at
the bottom of the expected range on Wednesday in its second
attempt to list its shares for public trade.
The Redwood City, California-based company sold 6 million
shares for $13 each, raising about $78 million. It had planned
to sell shares for between $13 and $15 each.
Codexis sells enzymes and microbes modified to make industrial
processes cleaner and faster. It also sells its "biocatalysts" to
pharmaceutical companies including Merck & Co Inc (MRK.N), Pfizer
Inc (PFE.N) and Dr Reddy's Laboratories Ltd.
It is also working with Royal Dutch Shell Plc (RDSa.L) on
cellulosic biofuels -- biofuels that are made from plants like
Total revenue rose more than 64 percent to $82.9 million in
2009. The company cut its losses 55 percent to $20.3 million in
the same period. Codexis said in its prospectus that it does
not expect to be profitable until at least 2011.
Major shareholders in Codexis include funds associated with
Maxygen Inc MAXY.O, Shell, the Singaporean government, CMEA
Ventures, FirstMark Capital and Chevron Corp (CVX.N).
Underwriters were led by Credit Suisse. The shares are
expected to begin trading on the Nasdaq on Thursday under the
(Reporting by Clare Baldwin; Editing by Phil Berlowitz)