Metabolix Announces Third Quarter 2016 Financial Results

CAMBRIDGE, Mass., Nov. 09, 2016 (GLOBE NEWSWIRE) -- Metabolix, Inc. (NASDAQ:MBLX), today reported financial results for the three months ended September 30, 2016.

"We are excited to be moving forward focusing exclusively on the Yield10 Bioscience mission to address the challenge of global food security," said Oliver Peoples, Ph.D., president and chief executive officer. "We sold and transferred our legacy biopolymer assets to CJ CheilJedang. In addition, we completed winding down biopolymer related activities and substantially completed the restructuring of the business. We recently announced the Yield10 management team, and we are now directing our resources toward breakthrough bioscience and innovation to position Yield10 as a leader in novel crop yield trait discovery.

"During the third quarter we signed an exclusive license to intellectual property from North Carolina State University for advanced crop technologies related to improving carbon capture and partitioning in plants. We also conducted our first Fast Field Test studies to investigate a series of exploratory yield traits using our model Camelina oilseed platform. The plants and seed have been harvested, and data analysis for this study is currently underway.

"Over the coming months we will be working to advance our crop yield technologies and to move exploratory yield traits into crops such as canola, soybean, rice and corn; evaluating data from our Fast Field Testing platform and planning studies for the 2017 growing season; and continuing to establish collaborations. As we progress these objectives, our goal will be to build and capture value from Yield10's innovations," said Dr. Peoples.

In July 2016, Metabolix announced a strategic restructuring under which Yield10 Bioscience has become the Company's core business. Yield10 Bioscience is focused on the unmet need for enhanced global food security and is developing proprietary technologies to enable step-change improvements in yield for major food and feed crops. In connection with its shift in focus, the Company is rebranding itself as Yield10 Bioscience.

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