Codexis exits cellulosic biofuels space

November 12, 2013 |

In California, Codexis signaled the end of its cellulase enzyme adventure in cellulosic biofuels with the wind-down of its CodeXyme business.

CEO John Nicols said, “Given the market’s undervaluation of the prospects and continued slow build out of cellulosic ethanol facilities, we have not been able to secure a suitable partnership or transaction for our CodeXyme cellulase enzyme business. Accordingly, we have begun today to immediately wind down our CodeXyme franchise, after having already stopped further development of our CodeXol detergent alcohols franchise earlier in the year.

With these decisions now in place, we will put our entire focus on expanding the growth of our core biocatalysis business and moving Codexis as rapidly as possible towards positive cash flow and eventual profitability.

Also today, Codexis reported Q3 revenues of $3.9 million, a 44% decrease from $7.0 million in Q2, with product revenue falling to $1.1 million, a 78% decrease from $5.0 million in Q2. The company cited continued weakness in its atorvastatin enzyme business and delayed ramp up of sales to Merck of enzymes for the manufacturing process of Januvia (sitagliptin).

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