July 26, 2012--Metabolix, Inc. (NASDAQ: MBLX), an innovation-driven bioscience company delivering sustainable solutions to the plastics, chemicals and energy industries, today reported financial results for the three months ended June 30, 2012.
We made tangible progress toward the commercialization of our biopolymer and biobased chemicals businesses during the second quarter. Today, we are pleased to announce that we have signed a letter of intent with Antibióticos for the production of Mirel biopolymer resin. We also expect to work closely with Antibióticos to complete the manufacturing, economic and engineering feasibility studies required to sign a contract manufacturing agreement. With the implementation of our new supply chain plan now underway, we expect to have productive discussions with customers to bridge existing biopolymer inventory to new commercial supply in 2013 and to continue product development in high value-added applications,” commented Richard P. Eno, President and Chief Executive Officer of Metabolix.
SECOND QUARTER 2012 AND THE FIRST HALF FINANCIAL OVERVIEW
Metabolix manages its finances with an emphasis on cash flow. The Company has maintained this focus and ended the second quarter with $59.9 million in unrestricted cash and investments. The Company's net cash used for operating activities during the second quarter of 2012 was $5.9 million, which remains consistent with net cash used of $5.9 million for the comparable quarter in 2011. Metabolix continues to have no debt.
Metabolix currently expects cash usage from operations for 2012 in the range of $28 to $30 million, and expects to end 2012 with a cash and investments balance before any capital expenditures of approximately $48 to $50 million. Anticipated capital expenditures are currently being evaluated. The Company anticipates ending 2012 with an annual cash usage from operations run rate of approximately $24 million, excluding any additional partner funding, grant revenue, other sources of income, or capital expenditures.