US-based Verdezyne, an industrial biotechnology company has sold its proprietary xylose isomerase technology to New York Stock Exchange-listed materials science company DuPont Industrial Biosciences for an undisclosed amount.
Verdezyne is backed by BP Alternative Energy Ventures, part of oil major BP’s renewable energy sources division, DSM Venturing, which has Netherlands-based industrial group DSM as parent, and venture capital firms OVP Venture Partners and Monitor Ventures.
Verdezyne has raised a total of $12m in venture funding, In May it raised $10.5m in convertible debt, according to a filing.
John P. Ranieri, vice president at DuPont Industrial Biosciences, said: “Biomass bioprocessing is opening up unique market opportunities across a wide range of DuPont businesses and the Verdezyne technology is a natural fit for the company’s cellulosic portfolio, the addition of this leading xylose isomerase technology further strengthens DuPont’s leadership in biomass derived sugar conversion to biofuels and biochemicals.”