Elevance Pulls IPO

Elevance Renewable Sciences, the producer of specialty, renewable chemicals based on research licensed from Pasadena-based Materia, has pulled its IPO. The Illinois company said in a filing this morning that it has pulled the IPO due to a new private placement of preferred stock. Elevance just announced a $104M venture capital round in July, a Series E round which came from Lacustrine Limited via Genting Genomics Limited, and Total Energy Ventures International. Elevance was spun out of Materia in March of 2008, based on the research conducted by Materia, whose technology is derived from Nobel prize winning chemical technology originally developed at Caltech.