Neugenesis Corp., a California-based biotechnology company founded at the University of Hawaii Manoa Innovation Center in 1994 has been sold for an undisclosed amount.

Intrexon Corp. said its acquisition of Neugenesis will allow it to accelerate product development in the markets for industrial synthetic biology applications. Intrexon, based in Blacksburg, Va., said it will locate its industrial products division at the Neugenesis facility in Burlingame, Calif.

The UH, which held as many as 125,000 shares in Neugenesis at one point, received cash and shares in privately-held Intrexon as a result of the sale.

Neugenesis moved to California in the late 1990s to gain better access to venture capital and be closer to other biotech companies.

Intrexon officials said they were particularly excited about incorporating some of the recent research done by Neugenesis using fungi in the development of industrial products.