REDWOOD CITY, Calif.--(BUSINESS WIRE)--Jul. 16, 2012--
Codexis, Inc. (Nasdaq:CDXS), a developer of cost-advantaged processes
for the production of biofuels, bio-based chemicals and pharmaceuticals,
today announced that the company has signed an Exclusive Negotiation
Agreement with Shell. Under this agreement, Shell has agreed to
negotiate exclusively with Codexis through September 1, 2012 the terms
of a new agreement under which Shell would grant to the company certain
rights and licenses in the biofuels field to develop and sell cellulase
enzymes to third parties on a worldwide basis, except Brazil. Codexis
has exclusive rights to commercialize its cellulase enzyme technology in
all other fields.
“Currently, Codexis’ cellulase enzyme technology can only be
commercialized in the advanced biofuels field through Shell and its
affiliates. If we finalize a new agreement with Shell as we currently
anticipate, the rest of the world’s second generation biofuels producers
will now also be available as target customers for our cost effective
cellulase enzyme technology,” said John Nicols, Codexis’ President and
Chief Executive Officer.
Codexis and Shell also agreed under the Exclusive Negotiation Agreement
that, beginning on August 31, 2012, Shell can elect to reduce between 13
and 48 full-time employee equivalents (FTEs) under the Codexis – Shell
Collaborative Research Agreement on one day notice. Previously, the
required notice period for this type of FTE reduction was 90 days. If
Shell were to provide Codexis with an FTE reduction notice on or after
August 31, 2012, Codexis expects that it would take appropriate cost
reduction measures to reduce its operating expenses.
About Codexis, Inc.
Codexis, Inc. is a developer of cost-advantaged processes for the
production of biofuels, bio-based chemicals, and pharmaceutical
intermediates. Codexis' product lines include CodeXyme™ Cellulase
Enzymes and CodeXol™ Detergent Alcohol. Partners and customers include
global leaders such as Shell, Merck and Pfizer. For more information,
see www.codexis.com.
Forward-Looking Statements
This press release contains forward-looking statements relating to our
ability to obtain rights from Shell to sell cellulase enzymes to third
party biofuels producers and cost-reduction measures that Codexis may
take in the future. You should not place undue reliance on these
forward-looking statements because they involve known and unknown risks,
uncertainties and other factors that are, in some cases, beyond our
control and could materially affect actual results. Factors that could
materially affect actual results include our need for substantial
additional capital in the future in order to expand our business, our
dependence on our collaborators, various challenges to the feasability
of the production and commercialization of biofuels and bio-based
chemicals derived from cellulose and our limited experience
manufacturing and selling cellulase enzymes. Additional factors that
could materially affect actual results can be found in Codexis’
Quarterly Report on Form 10-Q for the period ended March 31, 2012 filed
with the Securities and Exchange Commission on May 10, 2012, including
under the caption “Risk Factors.” Codexis expressly disclaims any intent
or obligation to update these forward-looking statements, except as
required by law.
Source: Codexis, Inc.
Codexis, Inc.
Kelly McAlearney, 949-394-1983 (Media)
media@codexis.com
212-362-1200
(Investors)
ir@codexis.com
