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Metabolix Announces Fourth Quarter And Full Year 2012 Financial Results

Stocks in this article: MBLX

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 and full year ended December 31, 2012.

“We executed well on our strategy in the fourth quarter and achieved operational milestones in each of our business areas,” said Richard P. Eno, President and Chief Executive Officer. “In biopolymers, we grew product shipments in the fourth quarter through sales to repeat and new customers. We also launched our next-generation certified compostable film product, Mvera TM B5008, and began shipping I6001, a biobased polymeric modifier for PVC. We also announced today that we have signed agreements with Tianjin GreenBio Materials, a leading PHA supplier located in China, under which we will distribute Tianjin’s heat shrink film in the U.S. and Europe, and they will supply Metabolix with PHA biopolymer resins.”

Mr. Eno continued, “Under our manufacturing demonstration phase agreement, technology transfer to Antibióticos is essentially complete. However, we are aware that Antibióticos is in a process of financial restructuring, and our ability to obtain biopolymer product from Antibióticos will depend on the outcome of that restructuring. We continue to believe that the size and location of the Antibióticos facility, as well as the expertise of its technical personnel, are well suited to our current manufacturing needs. We are in the process of negotiating a commercial contract with Antibióticos so that if they achieve a satisfactory conclusion of their financial issues, we would be in position to move ahead rapidly with commercial production.”

“We will continue to build our supply chain, and through our engagement with Tianjin GreenBio as a PHA supplier, we have the potential to develop and commercialize additional PHA biopolymer products. In addition, we have initiated a feasibility study to define our priorities for a low-cost manufacturing site for long-term commercial scale production of biopolymers and potentially biobased chemicals. Our commercial strategy is to build a presence in key markets that will enable us to base-load a future low-cost plant,” said Mr. Eno.

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