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BioAmber, Inc. (BIOA)

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Last Post: 10/13/2017 4:26:43 PM - Followers: 18 - Board type: Free - Posts Today: 0

)=( BioAmber)=(


Set to IPO

The common stock and warrants comprising the units will begin trading separately on NYSE under the symbols "BIOA" and "BIOA.WS", respectively, on Monday, June 10, 2013 at which time trading of the units will be suspended and the units will be delisted. BioAmber also intends to list its common stock on the Professional Segment of the regulated market of NYSE Euronext in Paris under the symbol "BIOA".

Offer Amount - $80,000,000

Share Price - $10

Shares Outstanding - 18,412,815

Shares Offered - 8,000,000

Lockup Period - 180 days

We are a next-generation chemicals company. Our proprietary technology platform
combines industrial biotechnology and chemical catalysis to convert renewable
feedstocks into sustainable chemicals that are cost-competitive replacements for
petroleum-derived chemicals. We currently sell our first

product, bio-succinic
acid, to customers in a variety of chemical markets. We intend to produce
bio-succinic acid that is cost-competitive with succinic acid produced from
petroleum at our planned facility in Sarnia, Ontario. We currently produce our
bio-succinic acid in a large-scale demonstration facility using a 350,000 liter
fermenter in Pomacle, France, which we believe to be among the largest bio-based
chemical manufacturing facilities in the world. We have produced approximately
1.25 million pounds, or 568 metric tons, of bio-succinic acid at this facility
as of December 31, 2012. We sold 144,500 pounds and 356,900 pounds of
bio-succinic acid to our customers in the years ended December 31, 2011 and
December 31, 2012, respectively.

We have achieved a number of accomplishments through the successful
implementation of our proprietary technology platform including:

• a history of large scale fermentation and continuous purification;

• low-cost bio-succinic acid production capability;

• a customer-qualified manufacturing process;

• supply agreements with large and established customers;

• an equity partnership for our first global scale biochemical manufacturing
facility; and

• multiple commercial and exclusive technology partnerships.

Succinic acid can be used to manufacture a wide variety of products used every
day, including plastics, food additives and personal care products, and can also
be used as a building block for a number of derivative chemicals. Today,
petroleum-derived succinic acid is not used in many potential applications
because of its relatively high production costs and selling price. We believe
that our low-cost production capability and our development of next-generation
bio-succinic derived products including 1,4 butanediol, or 1,4 BDO, which is
used to produce polyesters, plastics, spandex and other products, will provide
us with access to a more than $10 billion market opportunity. Combining these
opportunities with other building block chemicals we are developing, including
adipic acid and caprolactam, which are used in the production of nylons, we
believe that our total addressable market is in excess of $30 billion.

We believe we can produce bio-succinic acid that is cost-competitive with
succinic acid produced from oil priced as low as $35 per barrel, based on
management's estimates of production costs at our planned facility in Sarnia,
Ontario and an assumed corn price of $6.50 per bushel. While we can provide no
assurance that we will be able to secure corn at $6.50 per bushel given the
fluctuations in corn prices, we believe this assumption is reasonable given the
historic price of corn and management's expectations as to their ability to
manage the cost of corn and other inputs for our planned facility in Sarnia,
Ontario. Over the past five years, the price of corn ranged from a low of $2.68
per bushel to a high of $8.44 per bushel. As of April 1, 2013, the spot price
was $6.55 per bushel and the six month forward price was $5.51 per bushel. We
estimate that a $1.00 increase or decrease in the per bushel price of corn would
result in just a $0.024 per pound change in our variable cost of our
bio-succinic acid. We expect the productivity of the organism used in our
fermentation process and other on-going process improvements to further reduce
our production costs. Our ability to compete on cost is not dependent on
government subsidies or tariffs.

We are working to rapidly expand our accessible markets and product
portfolio. We have entered into strategic relationships with several leading
companies, such as our multi-year agreement with Mitsubishi Chemical
Corporation, or Mitsubishi Chemical, for bio-succinic acid. We have also entered
into agreements with LANXESS Deutschland GmbH, or Lanxess, Faurecia, S.A., or
Faurecia, NatureWorks LLC, or NatureWorks, and others for the development of
derivatives of bio-succinic acid.

We have also entered into technology partnerships to lower our production costs,
expand our product portfolio and enhance our biochemical production platform.
For example, we entered into a technology partnership with Cargill Inc., or
Cargill, through which we exclusively license a proprietary yeast organism for
use in our fermentation process to produce our products. Throughout this
prospectus, we refer to the yeast organism that we have licensed from Cargill as
"our yeast." We have also established other technology licenses and
collaborations, including with E.I. du Pont de Nemours and Company, or DuPont,
Evonik Industries AG, or Evonik, Agro-industrie Recherches et Développements, or
ARD, Celexion, LLC, or Celexion, and entities funded by the U.S. Department of
Energy, or DOE.

Our business strategy is to leverage the value of our technology by building and
operating production facilities around the world. However, depending on our
access to capital and third-party demand for our technology, we may also enter
into technology licenses on an opportunistic basis.

In order to support our growth strategy, we have begun to rapidly expand our
manufacturing capacity. We have entered into a joint venture agreement with
Mitsui & Co., Ltd., or Mitsui, for our planned facility in Sarnia, Ontario,
which has an initial projected capacity of 30,000 metric tons of bio-succinic
acid and could subsequently be expanded to produce another 20,000 metric tons of
bio-succinic acid. A portion of our aggregate capacity could be further
converted to produce bio-based 1,4 BDO. As an example, we estimate that
approximately 30,000 metric tons of bio-succinic acid production could be
converted into approximately 22,000 metric tons of bio-based 1,4 BDO production.
We have commenced engineering and substantially completed permitting for this
facility and the initial phase is expected to be mechanically complete in 2014.
By "mechanically complete," we mean that construction of the facility has been
substantially completed such that we can begin commissioning and start-up. We
expect this facility will be fully funded through equity contributions by both
us, with a portion of the net proceeds from this offering, and Mitsui, as well
as a combination of government grants and interest-free loans. As we commission
and start-up our planned facility in Sarnia, Ontario, we expect to terminate
production of our products at the large-scale demonstration facility in Pomacle,
France. Our joint venture with Mitsui also contemplates the potential
construction and operation of two additional facilities, which we expect to
occur over the next three to four years.

We are committed to managing our economic, social, environmental and ethical
performance through continued sustainable business practices. We have recently
completed a life cycle analysis for our planned facility in Sarnia that
indicates that only 0.04 kilograms of carbon dioxide equivalent (or greenhouse
gases) will be emitted per kilogram of our bio-succinic acid produced, making
our processes essentially carbon neutral. This is significantly less carbon
intensive than the current petrochemical process for making succinic acid, in
which 7.1 kilograms of carbon dioxide equivalent are emitted per kilogram of
succinic acid produced. This represents a 99.4% reduction in greenhouse gases
for our bio-succinic acid process, relative to the current petrochemical
process for making succinic acid. The life cycle analysis also indicates that
our planned facility in Sarnia will consume 56% less energy than the current
petrochemical process. The analysis also indicates that field-to-gate energy
use will be 42.7 mega joules per kilogram of our bio-succinic acid produced, as
compared to the current petrochemical process, which uses 97.7 mega joules per
kilogram of succinic acid produced.

We are a development stage company and recognized revenues from the sales of
products during the years ended December 31, 2011 and 2012. We incurred net
losses of $30.9 million and $39.5 million, respectively, during the years ended
December 31, 2011 and 2012. These losses are expected to continue as we further
develop our technologies and proprietary processes, build our operating
infrastructure, and provide customers with products for testing and verification
for their various end uses.


We were incorporated in the state of Delaware on October 15, 2008 as DNP Green
Technology, Inc. The core of our bio-succinic acid platform technology was
developed by entities funded by the DOE in the late 1990s, as part of its
Alternative Feedstocks Program, and is under exclusive license to us. Prior to
our incorporation, the bio-succinic acid technology was licensed to Diversified
Natural Products, Inc., or DNP. The technology was assigned to us as part of an
asset spin-off transaction in 2008 and 2009 in which certain assets of DNP were
assigned to BioAmber Inc. in exchange for shares of BioAmber Inc. These assets
included DNP's share in Bioamber S.A.S., a joint venture with ARD, the purpose
of which was to research bio-succinic acid and processes to produce
bio-succinic acid. In 2010, we acquired 100% of our joint venture with ARD and
changed our name to BioAmber Inc. In 2010, we also acquired 75% of Sinoven
BioPolymers Inc, or Sinoven, our wholly-owned subsidiary with proprietary
technology for modifying PBS, and acquired the remaining 25% interest in 2011.
In 2011, we created a wholly-owned Luxembourg entity, BioAmber International,
S.à.r.l., to hold certain intellectual property assets and BioAmber Sarnia Inc.
(f/k/a Bluewater BioChemicals Inc.), or BioAmber Sarnia, a joint venture with
Mitsui through which we will fund our planned facility in Sarnia, Ontario. We
retain 70% ownership of the BioAmber Sarnia joint venture. In 2012, we entered
into a series of agreements with NatureWorks to create AmberWorks, a joint
venture in which we have a 50% ownership interest.
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#126   * * $BIOA Video Chart 10-13-17 * * ClayTrader 10/13/17 04:26:43 PM
#125   They already have started just not many have TheRealMrPirate 10/13/17 04:26:37 AM
#124   We believe we can produce bio-succinic acid that hondobud 10/13/17 01:48:19 AM
#123   * * $BIOA Video Chart 10-12-17 * * ClayTrader 10/12/17 04:26:44 PM
#122   I took it as well, uptrend is obvious, ApexTrend 10/12/17 11:17:36 AM
#121   Very nice day here, just getting started imo Klinsmann 10/12/17 10:42:26 AM
#120   weird, one of the fund sold out all Tekterra 10/11/17 06:30:38 PM
#119   In with a small position - nice chart! Klinsmann 10/11/17 03:45:44 PM
#118   BIOA’s mean recommendation on Reuter’s scale presents no jimbosskow 09/25/17 07:18:51 PM
#117   Great potential and bright future here! jimbosskow 09/22/17 07:24:49 PM
#116   .95 Target VERITAS77 09/20/17 10:07:29 AM
#115   The march continues team! Joecanada13 09/19/17 10:17:22 AM
#114   When do they plan on Filing a 6K Emptyhead 09/16/17 01:52:26 PM
#113   BEAUTIFUL!!!!!! :) jimbosskow 09/16/17 09:43:19 AM
#112   Clay!!!! Joecanada13 09/15/17 11:45:47 AM
#111   Looking good still:) Joecanada13 09/15/17 11:03:44 AM
#110   * * $BIOA Video Chart 09-13-17 * * ClayTrader 09/13/17 05:10:20 PM
#109   $BIOA $1 within 2-3 weeks BCLBCL 09/13/17 08:04:26 AM
#108   Clay stay away! Till thurs pls :) Joecanada13 09/12/17 05:21:06 PM
#107   * * $BIOA Video Chart 09-12-17 * * ClayTrader 09/12/17 04:50:55 PM
#106   Clay must be out of office today :-) naturalborninvestor 09/12/17 04:43:35 PM
#105   Perfect storm. $0.75 easily soon. naturalborninvestor 09/12/17 03:11:01 PM
#104   Nice! Joecanada13 09/12/17 02:58:40 PM
#103   SABBY MANAGEMENT, LLC has filed a new 13G, wiltonio 09/12/17 02:41:47 PM
#102   Agreed Joecanada13 09/12/17 02:03:22 PM
#101   I think this will reverse soon in a Chunky Salsa 09/06/17 10:58:41 AM
#100   Looking sweet bids lining up shurtha2000 09/06/17 09:59:47 AM
#99   Still dumping? FloatCleaver 09/05/17 09:58:07 PM
#98   Today the North Korea jitters ran through the jimbosskow 09/05/17 05:04:18 PM
#97   The dump continues. Anyone know anything about why FloatCleaver 09/05/17 11:00:43 AM
#96   I'm not saying it won't bounce. I'm simply FloatCleaver 09/04/17 01:01:08 PM
#95   come back in time 02opida 09/04/17 11:10:19 AM
#94   Blood bath FloatCleaver 09/04/17 11:04:06 AM
#93   .32 02opida 09/02/17 12:56:05 PM
#92   Not sure why that huge dump happened Friday Chunky Salsa 09/02/17 10:33:14 AM
#91   I was thinking it would bounce from the FloatCleaver 09/01/17 06:15:51 PM
#90   If .32 holds next week I'm getting in. Chunky Salsa 09/01/17 04:20:30 PM
#89   I expected it to get hit hard before FloatCleaver 09/01/17 04:13:00 PM
#88   IDK it's down over 27% the bleeding is Chunky Salsa 09/01/17 03:37:56 PM
#87   Price may get hammered end of day. FloatCleaver 09/01/17 03:17:39 PM
#86   Definitely dilution you can see on level 2 Chunky Salsa 09/01/17 02:04:08 PM
#85   Dilution? FloatCleaver 09/01/17 02:01:52 PM
#84   Bad news coming? Chunky Salsa 09/01/17 01:57:06 PM
#83   Holy share dump. What's going on here? FloatCleaver 09/01/17 01:43:19 PM
#82   Going lower, then delisting, then lower some more. willlbone 08/29/17 05:57:10 PM
#81   Hey bone head, you sure are following. Fear Global Supermodel 08/09/17 08:06:30 AM
#80   $BIOA TheRealMrPirate 08/09/17 06:27:26 AM
#79   $BIOA has just been an ugly downhill slide TheRealMrPirate 08/09/17 04:43:21 AM
#78   Market often punishes dilution events by 40% below willlbone 08/08/17 05:08:39 PM
#77   The offering price is .75 US$, isn't ist? Zooser 08/08/17 03:34:50 PM