Codexis and Chemtex Achieve Key Milestone in Commercial Development of Bio-Based Chemicals from Non-Food Cellulosic Biomass

  Codexis and Chemtex Achieve Key Milestone in Commercial Development of
  Bio-Based Chemicals from Non-Food Cellulosic Biomass

Business Wire

REDWOOD CITY, Calif. & TORTONA, Italy -- June 14, 2013

Codexis (NASDAQ: CDXS), a developer of engineered enzymes for pharmaceutical,
biofuel and chemical production, and Chemtex, a leader in chemical engineering
and renewable processes, today announced the successful scale-up in the
production of CodeXol^® detergent alcohols using cellulosic sugars. The
scale-up was achieved at a 1,500 liter demonstration facility at Chemtex’s R&D
complex in Tortona, Italy and is a key milestone in the ongoing effort
initiated by the two companies to develop a fully integrated biomass to
detergent alcohols technology. A combination of Chemtex’s commercially proven
PROESA^® cellulosic sugar technology and Codexis’ CodeXyme^® 4X cellulase
enzymes was used to produce cellulosic sugars from non-food biomass, while the
CodeXol^® detergent alcohol fermentation process technology – which includes
Codexis’ proprietary microorganism strain – converted these cellulosic sugars
to detergent alcohols.

Guido Ghisolfi, President of  Chemtex, said, “While the PROESA^® technology is
proven at commercial scale for the production of cellulosic ethanol – as
evidenced by the successful start-up of our commercial facility in
Crescentino, Italy – this achievement is further proof that our platform
cellulosic sugar technology is best-in-class for producing a broad range of
bio-based chemicals using sustainable, non-food sources of biomass. It also
validates our conviction that scaling up these technologies beyond the lab is
key to enabling the learning curve towards commercial viability.”

John Nicols, President and CEO of Codexis, said, “This scale-up of CodeXol^®
detergent alcohols  represents what we believe is the world’s first successful
large scale effort to produce commercially relevant detergent  alcohols from a
cellulosic biomass feedstock. We believe this scale-up demonstrates the
robustness and efficacy of our CodeXyme^® cellulase enzymes and the ability of
our CodeXol^® detergent alcohol technology to produce detergent alcohols at
commercial specification with the potential to decrease manufacturing costs
below incumbent production costs.”

Detergent alcohols are used to manufacture surfactants, which are key, active
cleaning ingredients in consumer products such as shampoos, liquid soaps and
laundry detergents. The annual global market for detergent alcohols, which are
currently manufactured from natural oils and fats and petrochemicals, is
approximately $4 billion and is expected to reach $5.5 billion by 2020.
Codexis and Chemtex initiated an effort in 2011 to produce these high-value
chemicals from sustainable, low-cost and non-food sources of biomass, which
has the potential to offer attractive production economics compared to
incumbent production routes.

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.

About Chemtex

Chemtex is a global engineering and technology company wholly-owned by Italy’s
Gruppo Mossi & Ghisolfi (“M&G”). Chemtex specializes in delivering value-added
project solutions for its clients in the bio-fuels, renewable chemicals,
energy, environmental, petrochemical, polymers and fibers industries. The
company benefits from over 60 years of success in process development and
commercializing hundreds of plants worldwide. Chemtex International Inc., its
North American Headquarters, is located in Wilmington, N.C.

Chemtex is a leader in chemical engineering and renewable processes. It has
engineered and constructed the world’s first commercial-scale cellulosic
ethanol facility in Crescentino, Italy for Beta Renewables producing
cellulosic ethanol from locally sourced cellulosic biomass using its PROESA^®
Process.

Codexis Forward-Looking Statements

This press release contains forward-looking statements relating to the ability
of Codexis to produce CodeXol^® detergent alcohols at commercial specification
and to decrease the manufacturing costs for CodeXol^® detergent alcohols below
production costs for detergent alcohols currently on the market, the expected
growth in the global detergent alcohols market over the next ten years and
Codexis’ ability to offer attractive production economics for CodeXol^®
detergent alcohols compared to incumbent production routes. 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 Codexis’ control and that could materially affect actual
results. Factors that could materially affect actual results include Codexis’
ability to maintain license rights to a commercial scale expression system for
enzymes that convert cellulosic biomass to sugars, the feasibility of
commercializing bio-based chemicals derived from cellulose, the fluctuations
in the price of and demand for certain commodities used in the production of
fossil fuel-based chemical products, the cost or location of feedstocks used
to manufacture bio-based chemicals and customer approval of Codexis’ potential
bio-based chemical products. Additional factors that could materially affect
actual results can be found in Codexis’ Quarterly Report on Form 10-Q filed
with the Securities and Exchange Commission on May 9, 2013, including under
the caption “Risk Factors.” Codexis expressly disclaims any intent or
obligation to update these forward-looking statements, except as required by
law.

Contact:

Codexis, Inc.
Investors
Paul Cox, 212-362-1200
ir@codexis.com
or
Media
Jemma Connor, +44 161 359 3255
jemma.connor@notchcommunications.co.uk
or
Chemtex
Michele Rubino, 617-230-6162
michele.rubino@chemtex.com