Biotech Firm Matrix Genetics Receives Investment From Avista Development
Matrix Genetics ("Matrix"), a biotechnology company focused on producing renewable fuels and specialty chemicals derived from cyanobacteria (blue-green algae) announced today that Spokane, Wash. based Avista Development, Inc. has invested in the company. Avista Development is the venture arm of Avista Corp. (NYSE: AVA), an energy company involved in the production, transmission and distribution of energy as well as other energy-related businesses. The investment provides Matrix with working capital needed to complete its spinout from Seattle-based Targeted Growth, an agricultural biotechnology company where the foundation of Matrix's technology was developed.
"Avista's investment is the springboard for Matrix to become an independent company with the resources to further develop our technologies that are creating a pathway to low-carbon, sustainable and renewable fuels and chemicals," said Margaret McCormick, CEO of Matrix Genetics. "Their support will enable us to add staff, expand our labs, and continue the great tradition of bioscience companies in the state of Washington."
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