EMERYVILLE, Calif., Oct. 31, 2013 (GLOBE NEWSWIRE) -- Amyris, Inc. (Nasdaq:AMRS), a leading renewable chemicals and fuels company, today announced financial results for the third quarter ended September 30, 2013.
" During the third quarter, we achieved our highest farnesene production volumes at our lowest quarterly unit costs to date. We continued our relentless focus on collaborations and sales revenues with continued strength in our two initial product lines: high-performance renewable diesel and our best-in-class emollients. We expect continued growth in 2014 in new areas such as lubricants, specialty fluids and polymers," said John Melo, Amyris President & CEO.
" Since quarter-end we completed the initial closing of our financing with our major stockholders, receiving $42.6 million in cash proceeds. We believe we are on the right track to achieve our objective of positive cash flow from operations in 2014 and profitability in 2015," Melo concluded.BUSINESS HIGHLIGHTS Below are some key highlights from the Company's activities during the third quarter of 2013. Farnesene Production
- Operated with all six fermentors during the entire quarter at the Company's farnesene production facility in Brotas, São Paulo, Brazil.
- Achieved lowest quarterly average farnesene production cash cost, which was less than $5 per liter.
- Exceeded production milestones related to recent financing agreements.
- Achieved second consecutive quarter of renewable product revenues above $4 million.
- Combined sales of Neossance™ Squalane emollient, renewable diesel for niche markets, and farnesene for the lubricants market were in line with previous quarter and 35% higher than same period in 2012.
- Met all scheduled milestones associated with active R&D and product collaborations.
- Achieved lowest quarterly cash operating expenses since our Initial Public Offering in 2010.
- Following quarter-end, closed initial tranche of convertible note financing for $42.6 million in cash proceeds, with established terms for access to additional funds in a second tranche.