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Metabolix's CEO Discusses Q1 2012 Results - Earnings Call Transcript

We currently have deployed our PHA technology across three business platforms. First, Mirel, a family of biobased and biodegradable polymers; second, Industrial Chemicals, initially focused on C4 and C3 chemicals; and third, crop-based activities, which include our programs in oilseeds, switch grass and sugarcane.

On review of the business, I’d like to begin with Mirel bio-polymers. So let’s turn to slide two of the accompanying slides. We are driving the biopolymers business forward across many fronts. In early March, all business operations for our PHA biopolymers platform which transfer to Metabolix.

During the transition, in the first quarter, we provided customers with access to product inventory and began to fill orders from customers. During this period, our teams set up would be appropriate administrative, logistical and financial systems to enable us to take orders, deliver inventory and record sales for Metabolix. After March 6, the settlement date of our relationship with ADM, Metabolix recorded the first sales of Mirel biopolymer on our books.

The revenue recorded in the quarter reflects small orders from existing Mirel biopolymer inventory for a number of customers primarily in the areas of horticulture, aquatic applications, molded bioplastic items. So our sales level reflected about three weeks of activity commencing immediately after the settlement of the Telles determination negotiation with ADM.

I’d like to mention that we are now gaining further visibility on customer orders expected to shift in the second quarter. One area where we expect to be active in the second quarter, is the compostable bag market in Europe. As you know we are been working with European customers to develop and market compostable bags based on our assumptions and we are pleased to say that we have recently resume productive conversations with customers serving this market.

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