Metabolix and CJ CheilJedang Announce Joint Development Agreement for Commercialization of Renewable C4 Chemicals
CAMBRIDGE, Mass.--(BUSINESS WIRE)--
Metabolix, Inc. (NASDAQ: MBLX) and CJ CheilJedang (CJ) announced today
the execution of a joint development agreement to advance production
technology and assess investment options for the commercialization of
renewable C4 chemicals via fermentation. The C4 chemical market is a $3
billion industry growing at 4 percent per year. C4 chemical products are
used in a wide range of applications including engineering plastics,
fabrics and fibers, personal care products and in semiconductor
manufacturing.
Within the joint development agreement, CJ will contribute fermentation
assets and expertise to produce pilot quantities of dried whole
fermentation broth containing raw C4 chemicals. Metabolix will continue
the development of microbial strains and the scale-up of its proprietary
FASTTM recovery process to produce high-purity C4 chemicals.
The FASTTM recovery process is a low-cost, energy-efficient
approach to recover high-purity renewable chemicals directly from dried
whole fermentation broth. In addition, Metabolix and CJ will collaborate
closely to develop a detailed market and economic analysis examining all
aspects of an investment to commercialize renewable C4 chemicals. The
initial market entry is expected to be through gamma butyrolactone
(GBL), with subsequent growth into butanediol (BDO), tetrahydrofuran
(THF) and polyester engineering resins (PBT).
"We are excited to be working with a company with such a strong track
record of growth," noted Rick Eno, president and CEO of Metabolix. "CJ's
global fermentation asset base and product expansion plans fit very well
with the market needs for C4 chemicals. Together, we hope to meet the
strong market demand for this important family of materials."
CJ BIO, a division of CJ CheilJedang, is a world leader in bio
fermentation based R&D and manufacturing with a range of amino acids,
including lysine, as well as nucleotides. CJ BIO operates world-scale
fermentation facilities in China, Indonesia and Brazil; these sites, as
well as new potential sites, will be analyzed as production bases for
renewable C4 chemicals based on the Metabolix technology.
John Kang, VP of CJ BIO, noted, "As CJ continues to execute its
bio-products growth strategy, we see the addition of renewable C4
chemicals as an important component. We have been impressed with the
Metabolix technology and look forward to the joint development of C4
chemicals and potential collaboration in commercialization."
About Metabolix
Founded in 1992, Metabolix, Inc. is an innovation-driven bioscience
company focused on providing sustainable solutions for the world's needs
for plastics, chemicals and energy. The Company is taking a systems
approach, from gene to end product, integrating sophisticated
biotechnology with advanced industrial practice. Metabolix is now
developing and commercializing Mirel™, a family of high performance
bioplastics, which are biobased and biodegradable alternatives to many
petroleum-based plastics, through Telles, a joint venture between
Metabolix and Archer Daniels Midland Company. Metabolix is also
developing biosourced industrial chemicals and a proprietary platform
technology for co-producing plastics, chemicals and energy from crops
such as switchgrass, oilseeds and sugarcane. For more information,
please visit http://www.metabolix.com.
(MBLX-G)
About CJ CheilJedang
CJ CheilJedang, a Korean-based food, feed, and bioscience company, is a
global leader in the area of industrial biotechnology with innovations
in fermentation and purification technologies. CJ is a leading producer
of fermentation-based products such as feed amino acids, MSG, and
Nucleotides with global manufacturing and business operations in 6
continents. As a socially responsible company, CJ strives toward
practicing carbon-neutral manufacturing operations by utilizing
renewable raw materials and developing value-added co-products to
minimize waste into the environment.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements which are made
pursuant to the safe harbor provisions of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. The forward-looking statements in this release do
not constitute guarantees of future performance. Investors are cautioned
that statements in this press release which are not strictly historical
statements, including, without limitation, statements regarding
expectations for Metabolix research and development, including the joint
development collaboration, and plans for commercialization of renewable
C4 chemicals, constitute forward-looking statements. Such
forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results to differ materially from
those anticipated and are detailed in Metabolix's filings with the
Securities and Exchange Commission. Metabolix assumes no obligation to
update any forward-looking information contained in this press release
or with respect to the announcements described herein.
Media:
Schwartz Communications
Keith Giannini or Jen Barlow,
781-684-0770
metabolix@schwartzcomm.com
or
Investors:
ICR
James
Palczynski, 203-682-8229
james.palczynski@icrinc.com
Source: Metabolix, Inc.
News Provided by Acquire Media
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