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Evolva Receives Funding from Equity Fund
Posted: August 19, 2011
Evolva Holding SA, whose business includes the active discovery and development of nutritional ingredients through synthetic biology and currently is collaborating with IFF on the development of a key flavor ingredient, previously reported by P&F magazine, entered into a standby equity distribution agreement with private equity fund YA Global Master SPV Ltd. Under the terms of the agreement, YA Global committed to provide up to CHF30 million in equity financing to Evolva over a 36-month period, with an initial advance of CHF500,000 and then individual advances of up to CHF600,000. For these funds, YA Global will receive shares of Evolva at times determined by Evolva. The funds will be utilized in continuing and increasing Evolva’s operations.