Codexis Announces Three-Year Extension of Collaboration Agreement with Merck
Redwood City, CA – May 22, 2012 – Codexis, Inc. (Nasdaq:CDXS), a developer of cost-advantaged processes for the production of biofuels, bio-based chemicals and pharmaceuticals, today announced a three-year extension of its catalyst and process development collaboration with Merck to develop enzymes for use in pharmaceutical manufacturing.
As the collaboration enters its sixth year, Merck will continue to use Codexis' proprietary enzyme products to develop more cost- and resource-efficient manufacturing processes for its pipeline of therapeutic candidates. The initial agreement was announced in April 2007 and today's agreement provides an extension to 2015.
Merck has evaluated the use of Codexis enzymes extensively across programs in various stages of development. In addition, the companies have collaborated to develop enzymes for custom reactions, most notably for sitagliptin, the active pharmaceutical ingredient in Merck's Januvia®.
"We are very pleased to continue this important relationship," said Peter Strumph, Interim Chief Executive Officer. "Our collaboration with Merck has led to a number of breakthroughs in pharmaceutical manufacturing that have been adopted by Merck in some of their leading pharmaceutical products. We look forward to continuing to develop additional cost-advantaged manufacturing processes with Merck."
"Through this agreement we are very pleased to be extending our ongoing productive research collaboration with Codexis," said Christopher Hill, Ph.D., Global Head of Chemistry Research at Merck.
About Codexis, Inc.
Codexis, Inc. is a developer of cost-advantaged processes for the production of biofuels, bio-based chemicals, and pharmaceutical intermediates. Codexis' product lines include CodeXyme™ Cellulase Enzymes and CodeXol™ Detergent Alcohol. Partners and customers include global leaders such as Shell, Merck and Pfizer. For more information, see www.codexis.com.
Codexis Forward-Looking Statements
This press release contains forward-looking statements relating to Merck's future use of Codexis' proprietary enzyme products and pharmaceutical process development technology. 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 that we are dependent on a limited number of products and a limited number of customers in our pharmaceutical business, our dependence on contract manufacturers for commercial scale production of our enzymes, our customers' pharmaceutical products may not be well received in the market and our business and prospects depend on our ability to develop and commercialize new products for the pharmaceutical market. 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, 2012 filed with the Securities and Exchange Commission on May 10, 2012, including under the caption "Risk Factors." Codexis expressly disclaims any intent or obligation to update these forward-looking statements, except as required by law.
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