July 13, 2010 10:30 ET

OPXBIO Appoints Daniel W. Muehl as Chief Financial Officer

Accomplished Financial Executive Completes Leadership Team to Accelerate Company Growth

BOULDER, CO--(Marketwire - July 13, 2010) -  OPX Biotechnologies Inc. (OPXBIO), a renewable biochemical and biofuel company, today announced that it has strengthened its management team with the appointment of Daniel W. Muehl as chief financial officer.

"Dan brings more than 25 years of executive leadership experience in fast-growing, publicly traded technology companies, during which time he developed expertise in finance and operations management, strategic partnering, fundraising, and mergers and acquisitions," said Charles R. (Chas) Eggert, president and CEO of OPXBIO. "As we work to deliver bio-based products with lower cost and improved sustainability compared to petroleum-based alternatives, Dan's expertise will be essential to the growth and success of the company."

Prior to joining OPXBIO, Dan was vice president of finance at the NASDAQ-listed bio-pharmaceutical company Pharmion Corporation, which was sold in 2008 for $2.5 billion. Prior to Pharmion, Dan served as chief financial officer at biotechnology/bioprocessing company Repligen Corporation from 2006 to 2007 and at medical device manufacturer Physiometrix Inc. from 1998 to 2005. From 1995 to 1998, he served as chief operating officer and chief financial officer of computer graphics design and manufacturing company Number Nine Visual Technology. Dan began his career in public accounting at Ernst & Young and Laventhol & Horwath. He holds a B.S. in accounting from the University of Massachusetts - Amherst and received his CPA certification in 1990.

"OPXBIO has proven its leadership in the bio-based chemical sector with the significant progress it has made in developing its first product, bio-based acrylic," said Dan Muehl, chief financial officer of OPXBIO. "We will be first to market with bio-based acrylic and will follow that with additional products that are also less expensive and more sustainable than their petroleum-based counterparts. I am confident this will grow the company's value substantially over time."

OPXBIO is a Colorado-based company using biotechnology to convert renewable raw materials into biochemicals and biofuels. Applying its EDGE™ (Efficiency Directed Genome Engineering) technology, OPXBIO will manufacture bio-based products that are more economical and sustainable than petroleum-based alternatives. OPXBIO has already demonstrated laboratory-scale production of several different biochemicals and biofuels using renewable biomass as well as carbon dioxide and hydrogen feedstock. The company currently is producing bioacrylic at pilot scale in advance of opening a demonstration plant in 2011 and a full-scale commercial plant in 2013. The company also is developing strategic partnerships and joint ventures for commercialization.

OPXBIO has raised $22.4 million with venture investors Mohr Davidow Ventures, Braemar Energy Ventures, Altira Group, and X/Seed Capital. 

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