Davis biotech firm Marrone to sell more stock

Published: Friday, May. 16, 2014 - 6:16 pm

Last August, Davis biotech company Marrone Bio Innovations Inc. became the first Sacramento-area company in seven years to go public. On Friday, the company filed the necessary paperwork to sell up to $35 million worth of additional stock.

Marrone Bio, a maker of environmentally friendly pesticides, filed a registration statement with the Securities and Exchange Commission to sell an unknown number of shares. The filing didn’t spell out how many shares would be sold but said the maximum offering would be $35 million.

The stock will be sold by the company itself as well as certain shareholders who have yet to be identified. The timing of the stock sale isn’t yet known, either.

The company said it would use the proceeds to “accelerate the commercial adoption of our existing products, to accelerate the development of our product pipeline” and other purposes. Some of the money could be spent completing a factory it has been retrofitting in Michigan for the past two years.

The company’s initial public offering last August, at $12 a share, raised $57 million. The stock closed Friday at $9.34 a share, up 9 cents, on the Nasdaq global market.

Despite sluggish growth in the first quarter, the company’s revenue performance has been generally strong. Revenue in 2013 more than doubled to $14.5 million. The company, founded eight years ago, remains unprofitable.

A healthy stock market has prompted numerous companies to make new offerings. Sacramento’s Pacific Ethanol Inc. raised about $28 million in a stock offering in early April.

Call The Bee’s Dale Kasler, (916) 321-1066. Follow him on Twitter @dakasler.

Read more articles by Dale Kasler

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