Codexis Announces Next Generation CodeXyme® Cellulase Enzymes with Leading Performance

  Codexis Announces Next Generation CodeXyme® Cellulase Enzymes with Leading
  Performance

  Compared to prior generations, CodeXyme® 4 and CodeXyme® 4X significantly
  reduce the cost of cellulosic sugar production for biofuels and bio-based
                                  chemicals

Business Wire

REDWOOD CITY, Calif. -- March 12, 2013

Codexis, Inc. (NASDAQ: CDXS), a developer of engineered enzymes for
pharmaceutical, biofuel and chemical production, announced today the launch of
CodeXyme® 4 and CodeXyme® 4X cellulase enzyme packages for use in producing
cellulosic sugar for production of biofuels and bio-based chemicals.

Codexis’ latest generation of advanced cellulase enzymes, CodeXyme® 4 for
dilute acid pretreatments and CodeXyme® ^ 4X for hydrothermal pretreatments,
exhibits excellent performance, converting up to 85% of available fermentable
sugars at high biomass and low enzyme loads. Combined with high strain
productivity using the CodeXporter® enzyme production system, this allows for
a cost-in-use that the company believes will be among the lowest available
once in full-scale commercial production.

CodeXyme® 4 increases performance 10-20% over Codexis’ last generation
product, CodeXyme® 3, measured by the amount of glucan converted into C[6]
fermentable sugar. For pre-treatments with unconverted xylan, CodeXyme® 4X
maintains the same high C[6] sugar activity while having additional C[5 ]sugar
conversion.

“After four years of development using our CodeEvolver® directed evolution
technology platform, we are proud to announce that our high-performing
CodeXyme^® cellulases are broadly available for the first time,” said John
Nicols, Chief Executive Officer of Codexis. “CodeXyme® has been tested against
other commercially-available cellulases and we have found the performance to
be equal or better than alternative enzymes, across various feedstocks and
pre-treatment types. We expect CodeXyme® cellulase to deliver significant cost
savings and yield improvements for industrial-scale production of cellulosic
sugars.”

Leading Enzyme Performance

During the past several months, CodeXyme® cellulase has been tested on a
variety of feedstocks and pre-treatments, including corn stover, corn cobs,
sugarcane bagasse, cane straw, wheat straw and rice straw. In all cases,
CodeXyme® 4 and 4X have been found to convert 75 – 85% of glucan and xylan
into C6 and C5 sugars, at 10 – 15g enzyme per kg of glucan. With consistently
high sugar conversion, customers are able to convert more sugar into
high-value biofuels and bio-based chemicals.

In independent third-party tests with the National Renewable Energy Laboratory
(NREL) in Golden, Colorado and Chemical Engineering Research Consultants in
Toronto, Canada, CodeXyme® cellulase performed comparably or better than other
leading enzymes. The studies compared the conversion of glucan to C6 sugars on
dilute-acid pre-treated corn stover, using leading commercial enzyme products
at their optimal pH and temperature. CodeXyme® 3 (Codexis’ cellulase enzyme
from 2011) was found to convert the same or more glucan at the same enzyme
load as competing cellulase packages, and CodeXyme® 4 fared even better
against the latest alternative commercial enzymes.

Commercial and Manufacturing Plan

In September 2012, Codexis established a robust applications capability and
has since sold CodeXyme® 4 and 4X to over a dozen potential partners and
customers at lab and pilot scale. CodeXyme® cellulase has been used
successfully to hydrolyze biomass pre-treated with both acid-based and
hydrothermal methods, as well as in sequential and simultaneous hydrolysis and
fermentation.

Codexis is scheduled to scale up its novel CodeXyme® 4X cellulase strain at
commercial scale in the second quarter of this year. CodeXyme® 4X cellulase
will also be used in pilot production of bio-based CodeXol^TM detergent
alcohols in collaboration with Chemtex in Rivalta, Italy by mid-year.

Upcoming Press Conference at the World Biofuels Conference in Rotterdam, The
Netherlands

Dave Anton, Codexis’ Senior Vice President, Bioindustrials, will discuss
CodeXyme® cellulase today, March 12, 2013 at the World Biofuels Conference in
Rotterdam, The Netherlands. The briefing will be held at 1pm (CET) in the Blue
Room of the Beurs-World Trade Center.

Learn more about CodeXyme® cellulase at www.codexis.com/codexyme.

About Codexis, Inc.

Codexis, Inc. engineers enzymes for pharmaceutical, biofuel and chemical
production. Codexis’ proven technology enables scale-up and implementation of
biocatalytic solutions to meet customer needs for rapid, cost-effective and
sustainable process development – from research to manufacturing. For more
information, see www.codexis.com.

CodeXyme®, CodeEvolver®, CodeXporter® and CodeXol™ are trademarks or
registered trademarks of Codexis.

Forward-Looking Statements

This press release contains forward-looking statements relating to ability of
Codexis’ CodeXyme® cellulase enzymes to significantly improve yields and
reduce the cost of cellulosic sugar production for biofuels and bio-based
chemicals, the potential commercial scale-up of Codexis’ CodeXyme® cellulase
enzymes in the second quarter of 2013, the scheduled use of Codexis’ CodeXyme®
cellulase enzymes in our CodeXol™ detergent alcohol demonstration facility by
mid-2013 and Codexis’ expectation that CodeXyme’s first full-scale commercial
facility will result in CodeXyme® cellulase becoming the lowest cost-in-use
enzyme package. You should not place undue reliance on these forward-looking
statements because they involve known and unknown risks, uncertainties and
other factors that are, in some cases, beyond our control and could materially
affect actual results. Factors that could materially affect actual results
include the success of Codexis’ CodeXyme® cellulase enzymes program being
heavily dependent on Codexis’ ability to secure third-party funding; the
feasibility of the commercialization of biofuels derived from cellulose;
Codexis’ ability to maintain license rights to a commercial scale expression
system for enzymes that convert cellulosic biomass to sugars; fluctuations in
the price of and demand for certain commodities may reduce demand for Codexis’
technology; Codexis’ biofuel business opportunities may be limited by the
availability, cost or location of feedstocks; and changes to existing biofuel
regulations and policies may present technical, regulatory and economic
barriers to demand for Codexis’ CodeXyme® cellulase enzymes. Additional
factors that could materially affect actual results can be found in Codexis’
Quarterly Report on Form 10-Q for the period ended September 30, 2012 filed
with the Securities and Exchange Commission on November 7, 2012, including
under the caption “Risk Factors.” Codexis expressly disclaims any intent or
obligations to update these forward-looking statements, except as required by
law.

Contact:

For Codexis, Inc.
Media
Jemma Connor, +44 161 359 3255
jemma.connor@notchcommunications.co.uk
or
Investors
Paul Cox, 212-362-1200
ir@codexis.com
 
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