Codexis Announces Technology Collaboration and License Agreement With GSK
Codexis to Receive Up to $25 Million of Initial Payments, Plus Additional
Milestone and Royalty Opportunities
Codexis to Host a Conference Call on July 15, 2014 at 8:30 a.m. ET / 5:30 a.m.
REDWOOD CITY, Calif., July 14, 2014 (GLOBE NEWSWIRE) -- Codexis, Inc.
(Nasdaq:CDXS), a leading developer of biocatalysts for the pharmaceutical and
fine chemical industries, today announced the signing of a platform technology
license agreement with GlaxoSmithKline (GSK).
Under the terms of the agreement, Codexis granted GSK a license to use
Codexis' proprietary CodeEvolver® protein engineering platform technology in
the field of human healthcare. The license allows GSK to use Codexis' platform
technology to develop novel enzymes for use in the manufacture of GSK's
pharmaceutical and health care products.GSK may also use the licensed
technology to develop new therapeutic, diagnostic and prophylactic products in
the human health field.Upon completion of technology transfer, GSK will have
Codexis' state-of-the-art CodeEvolver protein engineering platform installed
at its Upper Merion, Pennsylvania research and development site.
Codexis is eligible to receive up to $25 million over approximately the next
two years, $6 million of which will be paid upfront shortly after signing and
an additional $19 million subject to satisfactory completion of technology
transfer milestones.Codexis also has the potential to receive numerous
additional milestone payments that range from $5.75 million to $38.5 million
per project based on GSK's successful application of the licensed
technology.In addition, Codexis will be eligible to receive royalties based
on net sales, if any, of a limited set of products developed by GSK using
Codexis' CodeEvolver protein engineering platform technology.
The agreement marks the first time that Codexis has licensed its protein
engineering platform technology to any party in the healthcare field, and
reinforces both companies' belief that biocatalysts, engineered by Codexis'
CodeEvolver technology, may increasingly be deployed to reduce the cost and
increase the efficiency of pharmaceutical manufacturing.The use of
biocatalysts to manufacture pharmaceuticals has the potential to reduce the
number of manufacturing steps, reduce the use of hazardous chemicals and the
production of toxic waste, and reduce the energy intensity of the process.
John Nicols, President and CEO of Codexis, stated that, "We are very pleased
that GSK has selected our CodeEvolver platform technology to support
innovation and reduce costs in its manufacturing and product development
organizations.We look forward to replicating this new technology licensing
model with other potential partners and expanding the network of innovative
companies that may select our CodeEvolver technology to accelerate their
in-house protein engineering capabilities."
"We look forward to our collaboration with Codexis and deploying their protein
engineering technology at GSK," said John Baldoni, Senior Vice President,
Platform Technology and Science of GSK."Our goal is to manufacture small
molecules more efficiently and sustainably and this platform will assist us to
Conference Call and Webcast
Codexis will hold a live conference call and audio webcast on, July 15, 2014
at 8:30 a.m. Eastern time / 5:30 a.m. Pacific time to discuss today's
announcement of the strategic collaboration and license agreement with GSK.
The conference call dial-in numbers are 866-515-2912 for domestic and
617-399-5126 for international. Please use the pass code 24529887 and call
approximately 10 minutes prior to start time.A live webcast of the call will
also be available from the Investors section of www.codexis.com. A recording
of the call will be available by calling 888-286-8010 for domestic or
617-801-6888 for international, beginning approximately two hours after the
call, and will be available for up to seven days. Please use the pass code
54057727 to access the replay. A webcast replay will also be available from
the Investors section of www.codexis.com approximately two hours after the
call, and will be available for up to 30 days.
AboutCodeEvolver ® Protein Engineering Platform Technology
CodeEvolver is Codexis' proprietary protein engineering platform, which
enables rapid development of custom-designed enzymes that are highly optimized
for efficient manufacturing processes. The CodeEvolver platform is comprised
of proprietary methods for the optimization of proteins through the design and
generation of diverse genetic libraries, automated screening techniques,
algorithms for the interpretation of screening data and predictive
modelling.The Codexis CodeEvolver platform technology is covered by more than
150 issued patents and pending patent applications worldwide.
Codexis, Inc.is a leading developer of biocatalysts for pharmaceutical and
fine 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, seewww.codexis.com.
This press release contains forward-looking statements relating to Codexis'
expectation that it will receive up to $25 million over approximately the next
two years under the GSK agreement, the potential for Codexis to receive
project-based milestone payments from GSK that range from $5.75 million to
$38.5 million per project, the potential for Codexis to receive royalties from
GSK for net sales of a limited set of GSK products developed using the
CodeEvolver platform technology, the ability of biocatalysts developed using
the CodeEvolver technology to reduce the cost and increase the efficiency of
pharmaceutical manufacturing, the ability of biocatalysts to reduce the number
of manufacturing steps, reduce the use of hazardous chemicals and the
production of toxic waste, and reduce the energy intensity of pharmaceutical
manufacturing processes, Codexis' ability to transfer successfully the
CodeEvolver platform technology to GSK, and Codexis' ability to replicate a
new CodeEvolver platform technology licensing model with other partners. 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' dependence on its collaborators; Codexis' dependence on a limited
number of products and customers; potential adverse effects to Codexis'
business if its customers' pharmaceutical products are not received well in
the markets; Codexis' ability to retain key personnel; Codexis' reliance on
customers to provide timely information in order for Codexis to report
accurately and timely its financial results; Codexis' ability to compete may
decline if it loses some of its intellectual property rights; third party
claims that Codexis infringes third party intellectual property rights; and
Codexis could face increased competition if third parties misappropriate
Codexis biocatalysts. Additional factors that could materially affect actual
results can be found in Codexis' Annual Report on Form 10-K filed with the
Securities and Exchange Commission on March 13, 2014, 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 Contacts:
Mike Rice, 646-597-6987
Kate Whelan, +44 161 817 5008
Press spacebar to pause and continue. Press esc to stop.