EMERYVILLE, Calif., Jan. 04, 2016 (GLOBE NEWSWIRE) -- Amyris, Inc. (Nasdaq:AMRS), the industrial bioscience company, today announced that it has signed its first Biofene® ingredient supply agreement for the global nutraceuticals and vitamins market. The agreement represents a multi-million-dollar arrangement with one of the world’s leading nutraceuticals manufacturers. Initial volumes of farnesene were delivered to the customer in the fourth quarter for conversion to the final product.
This agreement and the related processing technology for the farnesene building block will enable a significant cost advantage for this key product used for daily nutritional benefit. This is a significant achievement consistent with Amyris’s mission to help its customers do better while doing better for the planet. Demand for global nutritional products continues to grow at a much faster pace than GDP and supplying these products from sustainable sources at a lower cost than current sources is critical for the growing population of the world.
Amyris expects 2016 sales revenue under this agreement to exceed annual Amyris renewable fuel revenues to date and, should the companies execute a forward volume agreement for beyond 2016, Amyris believes revenue under this agreement could be approximately $20 million annually following successful commercialization. The agreement demonstrates the flexibility of farnesene, Amyris’s second unique fermentation molecule, with more commercial uses expected from it in the future.
Due to the competitive nature of this market both parties have agreed to keep the targeted product and the customer’s name confidential.
“We’re very pleased with this agreement and with our ability to provide our partners with low cost, high-performance farnesene that can provide them with a competitive advantage while enabling them to grow sustainably,” said John Melo, President & CEO of Amyris. “This agreement helps us continue our transition to a diversified portfolio of high performance, sustainable ingredients to some of the world’s fastest-growing markets and away from direct exposure to fossil fuel prices.”
About Amyris
Amyris is the integrated renewable products company that is enabling the world’s leading brands to achieve sustainable growth. Amyris applies its innovative bioscience solutions to convert plant sugars into hydrocarbon molecules, specialty ingredients and consumer products. The company is delivering its No Compromise® products in focused markets, including specialty and performance chemicals, fragrance ingredients, and cosmetic emollients. More information about the company is available at www.amyris.com.
Forward-Looking Statements
This release contains forward-looking statements, and any statements other than statements of historical facts could be deemed to be forward-looking statements. These forward-looking statements include, among other things, statements regarding future events (such as expected sales of farnesene and revenues under a supply agreement, the ability of farnesene to enable a significant cost advantage to the customer for the final product, the benefits of Amyris products for Amyris customers, the potential for other commercial uses for farnesene, and Amyris’s transition to products with less exposure to fluctuations in petroleum prices) that involve risks and uncertainties. These statements are based on management's current expectations and actual results and future events may differ materially due to risks and uncertainties, including risks related to manufacturing capacity at Amyris’s Brotas facility, delays or failures in development, production and commercialization of products, liquidity and ability to fund capital expenditures, Amyris’s reliance on third parties to achieve its goals, and other risks detailed in the “Risk Factors” section of Amyris’s quarterly report on Form 10-Q filed on November 9, 2015. Amyris disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.
Amyris, the Amyris logo and Biofene are registered trademarks of Amyris, Inc.
Contact:
Peter DeNardo
Director, Investor Relations and Corporate Communications
Amyris, Inc.
+1 (510) 740-7481
investor@amyris.com
pr@amyris.com