Seeds for success? Athenix raises $10M in new funding

Research Triangle Park, N.C. — Athenix, a developer of biotechnology solutions for use in the agriculture and chemical industries, has closed on $10 million in new funding.

PEHub reported the deal, citing a regulatory filing.

Intersouth Partners in Durham, an existing Athenix investor, participated in the round along with Hunt Ventures and Polaris Venture Partners.

Earlier this year, Athenix landed contract with international agribusiness giant Syngenta.
Financial terms were not disclosed.

Syngenta contracted with Athenix to research potential development of protective products for corn and soybeans.

Athenix, which moved into new headquarters last year, closed on a $13 million “C” round in 2006. A new investor, Finistere Partners, led that round.

Other investors in Athenix include Boston Millenia Partners and Eastman Ventures, the venture capital arm of Eastman Chemical Company.

In 2004, Athenix raised $12.5 million in an over-subscribed “B” round. The firm launched in 2001 and raised an $8 million “A” round that year.

Among Athenix projects is development of transgenic plants that are resistant to chemicals and pests.