Cathay Industrial Biotech Files For IPO Of Up To $200 Million
China's Cathay Industrial Biotech, the world's largest producer of biobutanol, on Tuesday filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission to raise up to $200 million in an initial public offering of American Depository Shares.
Shanghai, China-based Cathay Industrial Biotech has applied for the listing of the ADSs on the Nasdaq Global Select Market under the symbol "CBIO," the filing showed.
The company, which generated annual sales of $124.6 million in 2010, has two additional product candidates in its development pipeline: I+G, a food flavor enhancer that complements monosodium glutamate (MSG), and a bioprocess technology to produce biobutanol from cellulosic biomass feedstock. The company expects to start commercial sales of I+G by the end of the first half of 2012.
