In its second technology platform, Metabolix is developing four-carbon (C4) and three-carbon (C3) chemicals from biobased sources using proprietary, patented fermentation technology and the “FAST” (fast-acting, selective thermolysis) recovery process. In the second quarter, Metabolix continued to advance its technology and engaged in discussions with prospective C4 chemicals customers.
Metabolix has also continued to make technical advancements in its C3 industrial chemicals program focused on biobased acrylic acid. In the second quarter of 2012, Metabolix successfully scaled-up recovery of acrylic acid from dried biomass using the “FAST” process in the Company’s Cambridge laboratory. Today, the Company also noted that it has started shipping sample quantities of dried biomass for conversion to biobased acrylic acid for customer evaluation.
In the second half of 2012, Metabolix plans to continue fermentation scale up, engineering of microbial strains, and development and optimization of its FAST recovery technology to produce biobased industrial chemicals to meet or exceed chemical industry specifications for quality and purity. The long term goal of the chemicals program is to commercialize the Company’s technology independently or through commercial alliances.
In its third technology platform, crop-based businesses, Metabolix has continued work on developing an innovative biorefinery system which uses plant crops to co-produce biobased chemicals with bioenergy. In 2012, Metabolix expects to continue to advance research under a $6 million grant by the U.S. Department of Energy (“DOE”) to produce PHB in switchgrass to co-produce densified biomass for fuel and to produce value-added crotonic acid. The Company expects to continue to identify opportunities for additional grants and collaborations to fund and advance its crop platform.Conference Call Information Richard Eno, the Company’s President and CEO, Joseph Hill, CFO, and Oliver Peoples, Co-founder and CSO, will host a conference call today at 4:30 p.m. (Eastern) to discuss the results of the second quarter ended June 30, 2012. The Company will also provide an update on the business and answer questions from the investment community. A live webcast of the call with slides can be accessed through the Company’s website at www.metabolix.com in the investor relations section. To participate in the call, dial toll-free 1-888-523-1227 or 719-325-2348 (international). The pass code is 6049575. The conference call will also be webcast and can be accessed from the Company’s website at www.metabolix.com in the investor relations section. To listen to a telephonic replay of the conference call, dial toll-free 1-877-870-5176 or 1-858-384-5517 (international) and enter pass code 6049575. The replay will be available beginning at 7:30 p.m. (Eastern) on Thursday, July 26, 2012 and will last through 11:59 PM (Eastern) August 9, 2012. In addition, the webcast will be archived on the Company’s website in the investor relations section.