Materia Announces Completion of $17M Investment
PASADENA, CA––(Marketwire – January 19, 2011) – Materia announced today the completion of a $17 million investment in the company by the Midwest investment group Bader/Bernstein and Dr. Alfred Bader.
Bader/Bernstein announced, “We are pleased and excited by Materia’s continued advancement in the commercialization of the Grubbs catalyst technology, the ongoing success of customers and partners, and the progression of the internal product development pipeline.”
Dr. Bader is a world renowned chemist, art collector and was the co-founder in 1951 of the Aldrich Chemical Company. The company later merged with the Sigma Chemical Company to become the Sigma-Aldrich Corporation, a global manufacturer and distributor of chemical and equipment products.
“We are fortunate to have such committed investors that realize the full potential of Materia’s technology,” stated Dr. Michael Giardello, Materia’s Chief Executive Officer. “We are looking forward to the commercial rollout of applications utilizing our technology over the next several quarters.”
Materia was founded in 1998 to commercialize olefin metathesis catalyst technology. This market-enabling, Nobel Prize-winning, green chemical technology enables chemical compounds to be synthesized with greater efficiency, under less stringent reaction conditions, and with reduced byproducts and hazardous waste. Metathesis has been accepted as an emerging “green technology” platform and has been broadly adopted by the pharmaceutical, chemical, and polymer industries. As stated by the Royal Swedish Academy of Sciences when awarding the 2005 Nobel Prize, “metathesis is an example of how important basic science has been applied for the benefit of man, society, and the environment.” For more information, visit www.materia-inc.com.
For further information please contact:
Director of Communications