Clermont-Ferrand, France, 14 February 2008 – METabolic EXplorer (Eurolist B: METEX), an industrial biotechnology company focused on the bioproduction of bulk chemicals (“Green Chemistry”), today announced its revenues for the 4th quarter ending 31 December 2007. The Q4 revenues were generated by the achievement of a technical milestone for one of the company's two out-licensed products. The whole-year revenue for 2007 of €2.8 million consists almost entirely of staged payments and the achievement of milestones in the company's two collaborative development programmes.
Over the last 12 months, METabolic EXplorer has continued to make significant progress towards the development of its unique offering of bulk chemicals produced using “green chemistry”.
Key achievements in 2007:
METabolic EXplorer listed on Eurolist B at Euronext Paris on 10 April 2007 raising a total of €59.7 million (including the exercise of the over-allotment option). The company signed an exclusive worldwide licence agreement with INRA Transfert (Paris, France) on the production of 1,3-propanediol (PDO), which address a worldwide market worth around $3.5 billion. This licence agreement is based on the work of INRA, INSA Toulouse and CNRS research groups.
Strengthening of the company's intellectual property portfolio :
grant of the first US patent on a method of PDO production using crude glycerol, a co-product of the biodiesel production process.
Filing of 7 new patent families covering the production via fermentation of 1,2-propanediol (MPG, a compound with a $2 billion market), the bioproduction of a new bulk chemical for the company's product portfolio, the purification of 1,3-propanediol (PDO) and the bioproduction of one of its out-licensed products.
Fitting-out of a new pre-pilot production facility which is designed to develop the first three production processes of the company's proprietary products: MPG, PDO and Butanol. The pilot-scale production will enable METabolic EXplorer to establish the "process book" for each of these products and thus demonstrate the economic value of the company's bio-based approach to bulk chemical production. The new pilot unit is located in Clermont-Ferrand and has been fully operational since the end of 2007.
Collaboration with the Institut Français du Pétrole (IFP) on the development of an optimized production process for PDO, one of METabolic EXplorer's proprietary bulk chemicals. This new process uses crude glycerol as a feedstock and is therefore a great opportunity to improve the overall economic yield of the bio-diesel value chain.
Reinforcement of the company's scientific know-how and research groups for two of its bacterial platforms.
An 80% increase in staff numbers over the year, with 68 employees as of 31 December 2007.
Overview of Revenues
The company's revenues are not linear from one accounting period to another.
In 2007 (as in 2006), the company's earnings were generated by two corporate alliances, although the proportion due to scientific milestones grew in 2007.
About METabolic EXplorer
METabolic EXplorer (Eurolist B: METEX) is a leading industrial biotechnology company focused on the production of bulk chemicals (“Green Chemistry”). The company’s mission is to transform the chemical industry’s value chain by bringing to market more economically and environmentally attractive production processes.
METabolic EXplorer has developed a range of proprietary technologies which allow it to build highly efficient bacteria designed to produce existing bulk chemicals from a wide range of renewable feedstocks. This approach based on fermentation methods provide sustainable solutions to the chemical industry, offering significant economic benefits and are more environmental friendly than the current oil-dependent chemical processes.
METabolic EXplorer has developed cell factories for five important bulk chemicals which together have current sales of approximately $11 billion. These products have applications in fibres, biodegradable plastics, paints, solvents and second generation biofuels. The company’s strategy to capture a significant element of major economic benefits that its novel technologies deliver is to use a collaborative business model to allow it produce and market its bulk bio-chemicals.
METabolic EXplorer was founded in 1999 and is based in Clermont-Ferrand, France.
For further information, please contact:
Paul Michalet, Chief Financial Officer
Tel: +33 (0)4 73 33 43 00