Revenues of $14.9 million driven by core biocatalyst product sales increase of 123%and include $8.0 million milestone revenue from Merck Conference call begins at 4:30 p.m. Eastern time today REDWOOD CITY, Calif. , Nov. 08, 2016 (GLOBE NEWSWIRE) -- Codexis, Inc. (NASDAQ:CDXS), a leading protein engineering company, announces financial results for the three and nine months ended September 30, 2016, and provides a business update. "Our exceptional third quarter financial results feature revenues of $14.9 million and I'm pleased to report that $4.1 million came from product revenues," said Codexis President and CEO John Nicols. "Through the first nine months of 2016, product revenues have grown by over 60% versus the same period last year, highlighting the growing momentum of our engineered enzymes being increasingly used in our customers' processes. Revenues for both the quarter and year to date reflect the recognition of an $8.0 million milestone earned in September from the successful technology transfer of our CodeEvolver® protein engineering platform technology to Merck. Payment for this milestone was received in October 2016. Net income for the third quarter of $1.4 million was positive for the second quarter in a row. "In another particularly notable event during the quarter, we recorded our first project-specific contingent milestone revenue from GlaxoSmithKline (GSK) under the backend economic terms of our CodeEvolver® platform technology licensing agreement. This project used our CodeEvolver® protein engineering platform technology to develop an enzyme for a new biocatalytic process for one of GSK's drug products already on the market," Mr. Nicols added. "This is the first of what we hope will be a series of growing backend revenues from our CodeEvolver® platform licensing partnerships. "Also in the third quarter, our biopharmaceutical partner exercised its option to secure a non-exclusive license to a novel enzyme developed by Codexis," said Mr. Nicols. "The enzyme was developed using our CodeEvolver® protein engineering platform technology for use in a preclinical therapeutic development program.