|Metabolix Receives $2M Government Award|
Thursday September 27, 6:42 pm ET
Metabolix Gets $2M Award From Commerce Department, to Use Proceeds for Product Development
CAMBRIDGE, Mass. (AP) -- Metabolix Inc., which is developing biodegradable plastics from corn sugar, said Thursday it received a $2 million award from the U.S. Department of Commerce's National Institute of Standards and Technology.
Metabolix said it will use the award, part of the agency's Advanced Technology Program, to develop a commercially viable process for producing biobased chemicals from renewable agricultural products.
Shares rose $1.24, or 5 percent, to $25.90 during aftermarket electronic trading after closing up 81 cents at $24.66.