LCY Biotechnology Inc.
LCY Biotechnology Inc., a division of Taiwan-based LCY Chemical Corp., has purchased the assets of BioAmber Inc., a bankrupt renewable chemicals company that built a biobased succinic acid plant in Sarnia, Ontario.
What is bio succinic acid?
Bio-based succinic acid is seen as an important platform chemical for the production of biodegradable plastics and as a substitute of several chemicals (such as adipic acid) [1]. Today succinic acid is mainly produced from fossil resources through maleic acid hydrogenation.
What happened BioAmber?
BioAmber Inc. BioAmber was listed on the New York Stock Exchange between May 2013 and February 2018, under the symbol BIOA. Bioamber officially ceased operations in August 2018′, all directors of the company resigned & PriceWaterhouseCoopers proceeded forward in court authorized control of the company’s fate.
Is succinic acid a fatty acid?
Succinic acid is an alpha,omega-dicarboxylic acid resulting from the formal oxidation of each of the terminal methyl groups of butane to the corresponding carboxy group. It is an intermediate metabolite in the citric acid cycle.
Is succinic acid expensive?
Succinic acid is an essential platform chemical for food, agricultural, and pharmaceutical products, with a market volume of 30,000–50,000 tons per year and a market price of $2.4–3.0/kg (Cheng et al., 2012). Currently, succinic acid is primarily produced through chemical processes, such as hydrogenation.
Is succinic acid good for you?
Succinic acid has been shown to stimulate neural system recovery and bolster the immune system. Claims have also been made that it boosts awareness, concentration and reflexes.
Why did bioamber fail?
In its news release, the company said that failure to achieve its financing and restructuring goals “will likely result in the company and or its subsidiaries being forced to cease operations and liquidate its assets.”
Is succinic acid Safe?
When taken by mouth: The succinic acid form of succinate is LIKELY SAFE when used in the amounts found in foods.
Is succinic acid flammable?
May form flammable dust-air mixtures. Avoid contact with eyes, skin, and clothing. Keep container tightly closed. Avoid ingestion and inhalation.
Is succinic acid safe to eat?
As a food additive and dietary supplement, succinic acid is generally recognized as safe by the U.S. Food and Drug Administration. Succinic acid is used primarily as an acidity regulator in the food and beverage industry.
When did BioAmber go public in the stock market?
In May 2013, BioAmber completed its initial public offering on the New York Stock Exchange under the symbol BIOA, raising $80 million in gross proceeds and issuing warrants for an additional $44 million in common stock.
Where is the head office of BioAmber Corporation?
BioAmber is a Delaware corporation with a head office in Montreal, Quebec, a research facility in St. Paul, Minnesota, and a commercial plant operating in Sarnia, Ontario.
When did BioAmber go into Chapter 11 bankruptcy?
On May 4, 2018, BioAmber filed for bankruptcy protection under Chapter 11 in the US and entered into CCAA protection in Canada, with the intent of restructuring the company. After failure to secure additional financing could not be negotiated, the proceedings moved to a US Chapter 15 bankruptcy and CCAA liquidation of the company.
Who is the designated purchaser of BioAmber assets?
On October 22, 2018 under the CCAA / USA Chapter 15, a transaction occurred for substantially all of BioAmber’s assets between BioAmber and LCY Biosciences ” LCYB “, the designated purchaser in the joint venture formed between Visolis and LCY Chemical Corp.
