MBI announces pricing of follow-on offering

The US biopesticide company Marrone Bio Innovations, Inc. (MBI) (Nasdaq:MBII) recently announced the pricing of 4,500,000 shares of its common stock at $9.50 per share in a follow-on public offering. MBI will sell 3,900,000 shares in the offering; the remaining 600,000 shares will be sold by an existing stockholder, Syngenta Ventures Pte. LTD. In addition, the underwriters have a 30-day option to purchase up to 675,000 additional shares of common stock from MBI. MBI will not receive the proceeds from the sale of shares by the selling stockholder.

MBI currently intends to use the net proceeds it receives from the proposed offering for working capital required to accelerate the commercial adoption of its existing products, to accelerate the development of its product pipeline and to expand its network of strategic relationships, for capital expenditures, including to purchase equipment to facilitate its research and development efforts and to accelerate completion of the manufacturing facility it acquired in July 2012, and for general corporate purposes, such as acquiring complementary businesses, products or technologies.