News & Press
OPXBIO Recognized As A “Colorado Company to Watch”
Successfully Growing a Sustainable Bio-Based Chemicals and Fuels Business
Boulder, Colo. – June 23, 2010 – OPX Biotechnologies Inc. (OPXBIO), a renewable biochemical and biofuel company, was recently recognized as one of 50 Colorado Companies to Watch by the Colorado Office of Economic Development and International Trade in partnership with the Edward Lowe Foundation. Colorado Companies to Watch recognizes companies that support economic growth by developing valuable products and services, creating quality jobs and building new industries throughout Colorado. Recipients of the 2010 award were announced at a gala event in Denver on June 18, 2010.
“OPXBIO is honored to be recognized for its vision and progress toward creating a more sustainable bio-based economy,” said Charles R. (Chas) Eggert, president and CEO of OPXBIO. “We are applying our biotechnology platform, which originates with research conducted at the University of Colorado-Boulder, to produce more economical and sustainable, bio-based chemicals and fuels that replace existing petroleum-based alternatives. As we succeed, we are contributing to economic development and generating new jobs in Colorado’s emerging clean-tech industry sector.”
OPXBIO’s first product, bioacrylic, will be a cost-competitive replacement for its petroleum-based equivalent, which today has an $8 billion global market for uses in a range of industrial and consumer products including paints, adhesives, diapers and detergents. With successful completion of bioacrylic pilot-scale development progressing faster than planned, OPXBIO is on track to build a demonstration facility in 2011 and a commercial plant in 2013.
The Colorado Companies to Watch accolade follows another award of national significance, a $6 million grant from the U.S. Department of Energy through its Advanced Research Project Agency – Energy (ARPA-E) for the biological development of biofuels from carbon dioxide and hydrogen. As a result of the grant, OPXBIO plans to add 10 new science and engineering positions to its current staff of 40 people.
In addition to these two recent awards, the company’s advanced bioengineering technology to convert renewable raw materials into bio-based chemicals and fuels helped garner the 2009 Colorado “Governor’s Excellence in Renewable Energy Award,” a distinction bestowed upon the company in February 2010 by Colorado Governor Bill Ritter, Jr.
Commenting on the Colorado Companies to Watch award, Governor Ritter said, “Colorado is fortunate to have a diverse economy, which will help reduce the impacts of the global economic crisis. In these challenging times it is vital to appreciate what we have that is working, recognize the strength of growing companies throughout Colorado and the economic vitality they bring to our communities and state. I am pleased to congratulate the 2010 Colorado Companies to Watch, and thank them for contributing to Colorado’s recovery.”
Media Contact:
Brandy Radey
Cohn Marketing
303.839.1415 ext. 55
brandy@cohnmarketing.com
About OPXBIO
OPXBIO is a Colorado-based company using biotechnology to convert renewable raw materials into biochemicals and biofuels. Applying its EDGE™ (Efficiency Directed Genome Engineering) technology, OPXBIO will manufacture bio-based products that are more economical and sustainable than petroleum-based alternatives. OPXBIO has already demonstrated laboratory-scale production of several different biochemicals and biofuels using renewable biomass as well as carbon dioxide and hydrogen feedstock. The company currently is producing bioacrylic at pilot scale in advance of opening a demonstration plant in 2011 and a full-scale commercial plant in 2013. The company also is developing strategic partnerships and joint ventures for commercialization. OPXBIO has also raised $22.4 million with venture investors Mohr Davidow Ventures, Braemar Energy Ventures, Altira Group, and X/Seed Capital. For more information, visit http://www.opxbiotechnologies.com.
About Colorado Companies to Watch
Part of a national program founded by the Edward Lowe Foundation, Colorado Companies to Watch identifies and celebrates second-stage companies that are transforming our economies and our lives. A Colorado Companies to Watch second-stage company is one that is privately held, headquartered in Colorado, is growth focused, has 6 to 99 full-time equivalent employees, and has annual revenue of $750,000 to $50 million. This criteria for second-stage companies, developed by the Edward Lowe Foundation, was adopted by Colorado Companies to Watch advisory board after conducting research to determine that companies that meet this criteria account for most of the economic growth, community development and economic independence of individuals, not only in Colorado but nationally. For more information, visit http://companiestowatch.org.
For more information, visit http://www.opxbiotechnologies.com.
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