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TheStreet Open House

Metabolix's CEO Presents At The Jefferies 2012 Global Industrial And A&D Conference (Transcript)

Finally, our crop technology is longer term, primarily funded by government grants and this is continuing to increase the expression of PHAs in crops themselves, and here we are fortunate to have a very substantial department of energy grant that funds much of that work and really making good technical progress on that as well.

Now moving forward, I'll talk a bit about each of these platforms peeling back a little bit, getting you into some of the details, what we're doing first beginning with Mirel, the bioplastic family.

Just a bit of history for those of you that aren't familiar with Metabolix. This is a family of materials that in July 2006, we had struck a commercial alliance with Archer Daniels Midland. In December 2010, the plants at Archer Daniels Midland built started up and through about January 2012, together we grew the market to the point where we had about 57 customers, 26 repeat buyers as we gated as customers began to move to adopt the material all around the world in fact and really significantly de-risk the technology.

In January of this year, ADM chose not to continue with the relationship and retained the manufacturing plant. We at Metabolix, we retained all the intellectual property, we purchased the inventory and we took control of the business as of March of this year.

In April of this year, we announced our first sale of inventory. In July of this year, we announced the manufacturing partner with the target for production next year, so we have now taken control of the business and are launching under the Metabolix name having understood the markets and customers extremely well and there's a numerous years of commercial experience which we'll bring in to bear with our own launch.

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