Allylix secures $6 mil. in venture capital
This article was originally published in The Rose Sheet
Executive SummarySan Diego, Calif.-based biotech firm has raised $6 mil. in Series C financing to commercialize grapefruit-derived nootkatone and other products for food and fragrance applications. Funding validates Allylix's technology platform - which "enables low-cost production of high-value terpene products through yeast fermentation" - and commercial viability, says CEO Carolyn Fritz. Nootkatone is currently produced through grapefruit peel extractions, creating a "long-lasting" citrus flavor used in fruit juices and sodas. Allylix plans to implement a more cost-efficient production process and expand applications of nootkatone to a broader range of products, including fragrances and pharmaceuticals, according to its Web site. Allylix says it expects another Series C financing round to be completed in 60 days
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