San Diego, CA
Went public 2/14/2000 at $24 apiece
Filing Range: 5 mil. shares @ $20 to $22
Shares Outstanding: 33.05 mil. shares
Underwriters: Bear Stearns
Chase H&Q/Deutsche Banc Alex. Brown
(Data except per-share in $ thousands)
Total Revenue $1,347 $10,272
Net Loss -13,510 -9,085
Net Loss Per Share -7.64 -3.86
Diversa develops novel enzymes and other biologically active compounds from diverse environmental sources for use in agricultural, chemical processing, industrial and pharmaceutical applications. Enzymes are proteins that catalyze, or facilitate, one or more chemical reactions. The company’s processes significantly speed the discovery and development of such commercially valuable new enzymes and biologically active small molecules. For example, Diversa launched its first product for an industrial application within two years of project initiation. Diversa collects genetic material from organisms that have not previously been cultured in the laboratory; the company isolates, catalogs and stores genes and gene pathways in vast DNA libraries; Diversa screens these libraries to analyze more than a billion genes per day to identify potentially useful enzymes and compounds; the company optimizes these enzymes and compounds by applying its proprietary DirectEvolution(R) genetic modification technologies, including its Gene Site Saturation Mutagenesis(TM) and GeneReassembly(TM) technologies; and the company develops novel host organisms for the manufacture of resulting products.
Research and development, capital expenditures, working capital and general corporate purposes.
Healthcare Ventures LP, Patricof & Co. Ventures Inc., Rho Management Company Inc., State of Michigan, Novartis Seeds AG
James Cavanaugh, Healthcare Ventures LP December 1992
Patricia Cloherty, Patricof & Co. Ventures Inc. May 1996
Mark Leschly, Rho Management Company Inc. August 1992