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Chicago-based biotechnology firm Chromatin Inc. has raised $12.4 million in its latest round of investments, which were led by Quantitative Financial Strategies Inc. and joined by the Malaysian Life Sciences Capital Fund. Chromatin has developed mini-chromosome technology which makes it possible to introduce multiple genes.
“With this financing round Chromatin will leverage the success of its gene stacking capability to aggressively enter the bioenergy feedstock market,” said Daphne Preuss, Chromatin’s chief executive officer and co-founder.
With the bioenergy market presenting opportunities to create and capture values, the company is extending its work for application in traditional bioenergy crops such as corn, soybeans, cotton and canola into new crops such as switchgrass, miscanthus, sorghum and sugarcane. In the new bioenergy crops, the addition of traits can improve crop and sugar yield and allow digestion of cellulosic fiber.
Chromatin is also using its technology to develop solutions for the cellulosic biofuels market.
In 2007, Chromatin signed agreements to commercialize its gene-stacking technology with Monsanto Co. and Syngenta Biotechnology Inc. The new investment will support the development of proprietary feedstocks that will contain the gene stacks needed to improve yields and reduce the cost of producing fermentable sugars. The company plans to launch strategic partnerships to provide distribution channels for its bioenergy products.
