Yulex Raises $2.0 Million in Series B Round of Financing
Natural Rubber Derived From Guayule Shrub Has Potential Use in 300 Medical
CARLSBAD, Calif., Feb. 24 /PRNewswire/ -- Yulex, a specialty materials and chemical company focused on generating a domestic source of natural rubber latex for medical devices and specialty consumer products, today announced that it has received $2.0 million in a series B round of financing from Argonaut Private Equity. Yulex's proprietary Guayule (why-you-lee) compound formulations provide the first natural rubber solution to the urgent global need for a safe, cost-effective, and high performance latex for critical medical products, according to Jeffrey Martin, president and chief executive officer of Yulex. "With over 300 medical applications, there is a large market in the medical device industry for Guayule natural rubber latex, which can be used in medical gloves, condoms and catheters, as well as natural chewing gum bases for drug delivery systems," Mr. Martin said. "Securing this round of funding will facilitate the agricultural expansion of Guayule in California, Arizona, New Mexico and Texas while completing the construction of a commercial pilot plant to manufacture Guayule natural rubber latex by mid-year." Guayule is a desert shrub indigenous to the southwest United States and northern Mexico. The species (Parthenium argentatum) is a new industrial crop and the only species other than Hevea (the Brazilian rubber tree, Hevea brasiliensis) that has been used for latex production on a commercial scale. It is the only natural rubber latex alternative, which is commercially available, and the only source of natural rubber latex that is free of tropical proteins known to cause Type I latex allergy. "Guayule natural rubber latex is superior to most synthetic materials and represents the best alternative to tropical latex currently used in medical products and other applications," Mr. Martin added. "More than 20 million individuals developed sensitivities to tropical latex in the 1980s, when the demand for latex medical gloves increased. We will initially manufacture Guayule natural rubber latex for medical device manufacturers and also will concentrate on the continued development of co-products derived from the guayule plant." Yulex ( www.yulex.com ) is a biobased specialty materials and chemicals company focused on the manufacturing of natural rubber latex derived from the domestic desert shrub known as Guayule. Yulex has the exclusive license to a patented process to produce latex and products from Guayule, in cooperation with the Agricultural Research Service (ARS) of the USDA. The Guayule bioprocessing technology includes methods for latex extraction and purification. Yulex is currently pursuing corporate partnerships and is seeking customers for medical, industrial, and consumer applications. Yulex, a privately held company, was founded in 1997 and is headquartered in Carlsbad, California. For further information, please contact: Jeffrey Martin, President and CEO of Yulex Corporation, +1-760-730-7585, email@example.com; or media, Linda Seaton, ext. 1333, firstname.lastname@example.org, or Navjot Rai, ext. 106, email@example.com, both of Mentus, +1-858-455-5500, for Yulex Corporation.
SOURCE Yulex Corporation
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