Codexis, a biocatalyst developer, submitted an SEC filing Friday evening to come public via an IPO. The offering shows a total proposed maximum price of $100 million, although this amount is for filing purposes only. They intend to trade on the Nasdaq Global Market under the ticker “CDXS.”

The underwriters for the IPO are listed as Credit Suisse, Goldman Sachs and Co., Piper Jaffray, RBC Capital Markets, and Thomas Weisel Partners.

Codexis develops biocatalysts that the company believes mayrevolutionize chemistry-based manufacturing, especially thepharmaceutical and biofuel sectors. Biocatalysts initiate chemicalreactions used in manufacturing of everyday products and their specifictechnology has the potential to significantly reduce the productioncosts of these products.

Past customers include Arch Pharmalabs Limited, Bristol-Myers SquibbCo., Dr. Reddy’s Laboratories Ltd., Merck & Co., Inc., Pfizer Inc.,Ranbaxy Laboratories Limited, Schering-Plough Corporation and TevaPharmaceutical Industries Ltd. They have also entered into a researchagreement with Shell for biofuel production. By targeting thepharmaceutical and biofuel markets with their technology platform, thecompany believes that can generate strong revenues and value for theirshareholders.

Codexis showed $2.5 million and $11.4 million in revenues in 2006 and2007, respectively. These amounted to net losses of $18.7 and $38.9 in2006 and 2007, respectively. 

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Rachel Lopez
April 14, 2008