Marrone seeks to raise $35 million from share offer
The US biopesticide company, Marrone Bio Innovations (MBI - Davis, California), is seeking to raise up to $35 million in a public share offering. That includes shares that MBI may sell to the underwriters under a 30-day option to purchase additional shares. It intends to use the funds for working capital to assist the commercial adoption of its existing products, accelerate the development of its product pipeline and expand its network of strategic relationships. The company will also purchase equipment to facilitate R&D efforts and accelerate the completion of the manufacturing facility that it acquired in 2012 (Agrow No 646, p 2). The funds are also to be used for general corporate purposes such as the acquisition of complementary businesses, products or technologies. MBI set out to raise over $60 million in its initial public offering last year (Agrow No 669, p 2).