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Ceres Nets $75M in Private Stock Offering for Biofuel Plant R&D

NEW YORK (GenomeWeb News) - Plant genomics company Ceres has raised $75 million through a private offering of convertible stock led by the private equity firm Warburg Pincus, Ceres said today.
 
Ceres plans to use the funds to develop crops bred to maximize biomass that may be used for biofuels, and for capital expenditures and for corporate purposes.
 
Ceres said its development efforts include biofuel crops such as switchgrass, sorghum, miscanthus, energycane, and woody species.
 
The Thousand Oaks, Calif.-based company said its switchgrass cultivar is scheduled for commercial launch in 2009.

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