Mascoma, a US-based developer of a platform to convert renewable feedstocks into chemicals used in alternative fuels, has withdrawn plans to float on a stock exchange, citing “market conditions,” according to a regulatory filing.
Bill Brady, chief executive of Mascoma, told news provider Fortune the company “will continue to fund its operations with proceeds from current investors, new strategic investors and from increasing revenues from its Mascoma Grain Technology business”.
In September 2011, Mascoma said it would raise up to $100m in its flotation on an undisclosed stock exchange.
The company’s largest shareholder is Canada-based organic foods and nutrients supplier SunOpta, which sold its biofuels division, SunOpta BioProcess, to Mascoma in September last year. The sale followed SunOpta investing nearly $25m in Mascoma at series D round in August 2010.
Oil major Valero also invested $5m for 1.3 million shares in the D round at $3.75 per share.
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