Intending to Launch Up to Ten Intrexon-Enabled Startups per Year
GERMANTOWN, Md., June 15, 2015 /PRNewswire/ — Intrexon Corporation (NYSE: XON) announced today that it has entered into a collaboration with an investment fund sponsored by Harvest Capital Strategies, LLC. The fund is believed to be the world’s first that is dedicated to the inventions and discoveries of a single company.
Intrexon has agreed to provide the fund a significant number of investment proposals from across five sectors Health, Energy, Food, Environment and Consumer that are suitable for pursuit by a startup, including several in 2015. With respect to such proposals, Intrexon will provide the fund with exclusive rights of first-look and first negotiation. Intrexon currently sees the potential to form up to ten new companies per year, each of which will have access to Intrexon’s proprietary technology platform through an Exclusive Channel Collaboration. Although the collaboration with the fund will be complimentary to programs already underway at Intrexon, nothing in the arrangement will limit the Company’s ability to execute other collaborations and joint ventures.
“The imagination and creativity of our scientists fuel an impressive flow of developmental and commercial projects that can undergird a startup and be taken to relevant points of inflection for relatively modest sums,” commented Randal J. Kirk, Chairman and Chief Executive Officer of Intrexon. “While many of our collaborative relationships and negotiations today involve multinational corporations, we are excited to see our technologies utilized also to enable exciting new startups with high-impact programs. The fund creates an efficient and diverse structure for this type of opportunity for Intrexon.”
One or more affiliates of Mr. Kirk are invested in the fund in an aggregate amount of 20% of the fund’s committed capital.
Harvest Capital Strategies, LLC, is a San Francisco-based investment adviser that began operations in September 1999, and will act as the investment manager of the fund. Harvest is an indirect subsidiary of JMP Group LLC (NYSE: JMP), a public company that operates its alternative asset management business through Harvest Capital Strategies and its investment banking, equity research and institutional brokerage business through JMP Securities LLC.
About Intrexon Corporation
Intrexon Corporation (NYSE:XON) is Powering the Bioindustrial Revolution with Better DNA to create biologically-based products that improve the quality of life and the health of the planet. The Company’s integrated technology suite provides its partners across diverse markets with industrial-scale design and development of complex biological systems delivering unprecedented control, quality, function, and performance of living cells. We call our synthetic biology approach Better DNA®, and we invite you to discover more at www.dna.com.
Safe Harbor Statement
Some of the statements made in this press release are forward-looking statements. These forward-looking statements are based upon our current expectations and projections about future events and generally relate to our plans, objectives and expectations for the development of our business. Although management believes that the plans and objectives reflected in or suggested by these forward-looking statements are reasonable, all forward-looking statements involve risks and uncertainties and actual future results may be materially different from the plans, objectives and expectations expressed in this press release.
For more information regarding Intrexon Corporation, contact:
Vice President, Investor Relations
Tel: +1 (561) 410-7052
Marie Rossi, Ph.D.
Senior Manager, Technical Communications
Tel: +1 (301) 556-9850
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/intrexon-forms-multi-year-collaboration-with-new-dedicated-fund-300098934.html
SOURCE Intrexon Corporation