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Codexis Receives Notice Alleging Breach of Dyadic License Agreement



  Codexis Receives Notice Alleging Breach of Dyadic License Agreement

Business Wire

REDWOOD CITY, Calif. -- August 5, 2013

Codexis, Inc. (NASDAQ: CDXS), a developer of engineered enzymes for
pharmaceutical, biofuel and chemical production, today announced that the
company has received notice from Dyadic International, Inc. alleging that
Codexis is in breach under a license agreement established by the companies on
November 14, 2008. According to the notice, Dyadic intends to terminate the
agreement in 60 days if the breach is not cured to Dyadic’s satisfaction.
Codexis believes that it is not in breach of the Dyadic license agreement, and
that the Dyadic notice is unjustified and is without any legal or factual
basis, and Codexis is considering all available remedies to protect its
interests under the Dyadic license agreement.

Under the license agreement, Codexis obtained a non-exclusive license relating
to Dyadic's C1-based proprietary fungal expression technology for the
production of enzymes to make products in the fields of biofuels, certain
pharmaceuticals, chemicals, air treatment, water treatment and the conversion
of cellulosic biomass into fermentable sugars for use in non-fuel products.
Codexis agreed to pay Dyadic certain license issuance fees, milestone payments
and fees based on volume of enzyme products sold or manufactured using this
Dyadic technology.

Codexis currently uses this license from Dyadic solely in connection with its
CodeXyme^® cellulase enzymes. Codexis does not expect that termination of the
Dyadic license would have any impact on its current pharmaceutical and
CodeXol^® detergent alcohol businesses.

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.

Codexis Forward-Looking Statements

This press release contains forward-looking statements relating to Dyadic’s
intent to terminate the Dyadic license agreement; actions the Company may take
to protect its interests under the Dyadic license agreement; Codexis’ ability
to maintain rights under the Dyadic license agreement; and the impact of the
Dyadic notice on Codexis’ current pharmaceutical and CodeXol® detergent
alcohol businesses. 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 uncertainty around Codexis’ ability
to resolve the dispute with Dyadic on commercially reasonable terms and
uncertainty around Codexis’ ability to dispute with success, through legal
action or otherwise, Dyadic’s allegation that Codexis has materially breached
the Dyadic license agreement. Additional factors that could materially affect
actual results can be found in Codexis’ Quarterly Report on Form 10-Q for the
period ended March 31, 2013 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, 650-421-8331
ir@codexis.com
or
Media
Jemma Connor, +44 161 359 3255
jemma.connor@notchcommunications.co.uk
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