Cannabis Stock News: Amyris (NASDAQ: $AMRS) Announces Successful Shipment of First Fermentation Derived Cannabinoid to LAVVAN and Provides Business Updates
EMERYVILLE, Calif. - December 27, 2019 (Investorideas.com Newswire) Amyris, Inc. (Nasdaq: AMRS), a leader in the development and production of sustainable ingredients for the Health & Wellness, Clean Beauty and Flavors & Fragrances markets, today reported that it has successfully shipped the first cannabinoid to its partner, LAVVAN. Amyris is also well on its way to the shipment of a second cannabinoid in the first half of 2020.
These ingredients are produced with Amyris's fermentation technology platform delivering the leading quality and high purity at a significantly reduced cost relative to cannabis plant grown and derived ingredients. The company's technology allows Amyris to scale ingredients that are rarer within the cannabis plant, and difficult and extremely expensive to extract in quantity. This is the 10th unique fermentation molecule Amyris has currently in production. Amyris is a market leader in Clean Beauty and natural ingredients from fermentation and currently has 22 additional molecules in development with some of the world's leading companies as partners and long-term supply and commercialization agreements to ensure successful market entry.
The company also announced today that it has agreed on business terms for a partnership with a leading Asian pharmaceutical company to develop and scale a breakthrough target for a rare oncology treatment. In addition to the success in cannabinoids and the new opportunity in oncology the company has also agreed to significantly expand its current collaboration with its Chinese partner for vitamins. Amyris plans to provide further details on these agreements at an investor update meeting to be scheduled in February. These new agreements represent several millions of dollars in collaboration payments annually for the next several years. Biossance is also having an excellent quarter with Biossance.com now representing about 50% of Biossance revenue and Sephora continuing to deliver excellent growth.
"We are very pleased to end 2019 with strong operational performance and business momentum," said John Melo, President and CEO of Amyris. "We plan to continue building on our position as the leading synthetic biology company by continuing to deliver the highest purity and most sustainably sourced ingredients for the Health, Beauty and Flavor and Fragrance industries. Our brands are delivering the leading products in their respective categories and this is helping us deliver an excellent quarter. We expect to have our financing needs behind us early in 2020 and a strong year of profitable growth."
Amyris is the integrated renewable products company that is enabling the world's leading brands to achieve sustainable growth. Amyris applies its innovative bioscience solutions to convert plant sugars into hydrocarbon molecules and produce specialty ingredients and consumer products. The company is delivering its No Compromise® products and services across a number of markets, including specialty and performance chemicals, flavors and fragrances, cosmetics ingredients, pharmaceuticals, and nutraceuticals. More information about the company is available at www.amyris.com.
This release contains forward-looking statements, and any statements other than statements of historical fact could be deemed to be forward-looking statements. These forward-looking statements include, among other things, statements regarding future events, such as the expected shipment of a second cannabinoid in the first half of 2020, the anticipated development, scaling and commercialization of the company's product pipeline, an expected partnership with a leading Asian pharmaceutical company relating to a target for a rare oncology treatment and the anticipated expansion of the company's current collaboration with its Chinese partner for vitamins, including expected payments resulting from such collaborations, anticipated business performance and growth of the company's Biossance products, expected business performance and growth in the fourth quarter of 2019 and in 2020, and anticipated improvements in the company's liquidity and cash flows, including the timing thereof. These statements are based on management's current expectations and actual results and future events may differ materially due to risks and uncertainties, including risks related to Amyris's liquidity and ability to fund operating and capital expenses, risks related to potential delays or failures in development, production and commercialization of products, risks related to Amyris's reliance on third parties, and other risks detailed from time to time in filings Amyris makes with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Amyris disclaims any obligation to update information contained in these forward-looking statements, whether as a result of new information, future events, or otherwise.
Amyris, the Amyris logo and No Compromise are trademarks or registered trademarks of Amyris, Inc. in the U.S. and/or other countries.
SOURCE Amyris, Inc.
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