Thursday, September 11, 2008

Materia Scores New Deal With Dow Corning

Pasadena-based chemical technology firm Materia has scored a new win with Dow Corning and spinoff Elevance, the firm said this week. According to the company, Elevance, the venture-funded spinout of the company, and Dow Corning will use the firm's metathesis technology for a line of products for use in skin care, color cosmetic, hair care, and underarm products. Financial impact of the new joint development and marketing agreement were not disclosed. Elevance was spun out of Materia in March in a partnership with Cargill Corporation; TPG invested $40M alongside Materia in Elevance. Materia's technology--olefin metathesis catalyst technology--is based on Nobel Prize winning research from Caltech.