CAMBRIDGE, Mass., Aug. 11, 2014 /PRNewswire/ — Metabolix, Inc. (NASDAQ: MBLX), an advanced biomaterials company focused on sustainable solutions for the plastics and chemicals industries, announced today that NASDAQ has granted the Company’s request for a financial viability exception to the shareholder approval requirements otherwise applicable to the $25 million private placement financing announced by the Company on August 4, 2014.
The Company applied to NASDAQ for a financial viability exception because it determined that the delay necessary to seek and obtain shareholder approval for the transaction would seriously jeopardize the financial viability of the Company. A special committee of the Company’s Board of Directors comprised solely of independent, disinterested directors approved the transaction and the Company’s reliance on the NASDAQ financial viability exception.
On August 8, 2014, NASDAQ granted the Company’s request for the exception and, as a result, the Company intends to close the transaction on or about August 22, 2014, subject to the satisfaction of the other closing conditions specified in the purchase agreement.
In accordance with NASDAQ requirements, the Company will mail a letter to shareholders notifying them of its intention to close the transaction without obtaining approval from its shareholders.
Metabolix, Inc. is an advanced biomaterials company focused on sustainable solutions for the plastics and chemicals industries. The Company is developing and commercializing a family of high-performance biopolymers targeted at applications for performance additives that can improve performance and/or reduce cost in other material systems such as PVC, PLA and coated paper. Metabolix also is developing platforms for biobased chemicals based on its novel “FAST” recovery process and for co-producing plastics, chemicals and energy from crops. Metabolix has established an industry-leading intellectual property portfolio that, together with its knowledge of advanced industrial practice, provides a foundation for industry collaborations.