IPO FILING: Codexis Inc. (CDXS, MAXY, RDS-A)

Codexis, Inc. has filed its paperwork with the SEC for an initial public offering.  The company plans to trade under the ticker “CDXS” on NASDAQ.  Credit Suisse and Goldman Sachs are the joint book-runners, while co-managers are listed as RBC Capital Markets and Pacific Crest Securities.  No financial terms are listed in the IPO filing other than up to $100 million in common stock, but this company touts itself as a provider of “biobased solutions for the low carbon economy.”

Maxygen, Inc. (NASDAQ: MAXY), a biotech company focused on the development of improved versions of protein drugs, is the largest single owner of the company.  On a separate basis, Maxygen recently said that it expected to accept for payment an aggregate of approximately 7,345,103 shares of its common stock at a purchase price of $5.30 per share, for a total cost of approximately $38.9 million in a tender representing approximately 18.5% of its company stock.  Maxygen is listed as a 21.57% holder prior to the offering as follows: James R. Sulat includes 8,935,664 shares and 46,224 shares that may be acquired pursuant to the exercise of a warrant held prior to this offering by Maxygen, Inc. Mr. Sulat is the Chief Executive Officer, Chief Financial Officer and a member of the board of directors of Maxygen and may be deemed to be the beneficial owner of our securities held by Maxygen. Mr. Sulat disclaims beneficial ownership of all our securities held by Maxygen, except to the extent of his pecuniary interest therein. Mr. Sulat will resign from our board of directors in connection with the closing of our initial public offering. Equilon Enterprises LLC, d.b.a. Shell Oil Products US, and tied to Royal Dutch Shell (NYSE: RDS-A) is also listed as a top holder with 19.95% of the company prior to this offering.

Codexis has a proprietary technology platform enables the creation of optimized biocatalysts which is supposed to make existing industrial processes faster, cleaner and more efficient than current methods.  The company also claims that this has the potential to make new industrial processes possible at commercial scale. The company has commercialized its biocatalysts in the pharmaceutical industry and is developing biocatalysts for use in producing advanced biofuels under a multi-year research and development collaboration with Shell. Further, it is using its technology platform to pursue biocatalyst-enabled solutions in other bioindustrial markets, including carbon management, water treatment and chemicals.

The company is not yet profitable, but revenues in grants, collaborative R&D, and products combined was $31.88 million for the first nine months in 2008 and so far it has been $58.67 million for the nine-month period ended September 30, 2009; Its total 2008 revenue was $50.478 million.

JON C. OGG