Amyris, Inc. has announced they have entered into an agreement for the sale of convertible notes in a private placement for up to $60 million in cash proceeds.

Under the terms of the agreement, one of Amyris’s largest stockholders, Temasek, agreed to purchase $35 million of the notes in an initial tranche and, at Amyris’s election, up to $25 million in a second tranche. Both tranches are subject to Amyris’s satisfaction of closing conditions, including stockholder approval of the transaction at an upcoming special meeting of stockholders.

“This financing agreement is an affirmation of our largest stockholders’ continued support for our strategy. This funding will provide us with financial flexibility to help us achieve our business objectives,” said John Melo, Amyris President & CEO.

“Our progress to date developing and manufacturing molecules developed under our proprietary synthetic biology platform, including ramp up of our new industrial fermentation facility for the production of farnesene in Brazil, continues to demonstrate our leadership in the sector,” Melo concluded.