Company Update (NASDAQ:AMRS): Amyris Inc Executes Definitive Collaboration Agreements with Leading Global Nutraceuticals Partner
Amyris Inc (NASDAQ:AMRS) has executed definitive agreements for its strategic partnership and financing with a global nutraceuticals market leader as previously described on September 30, 2016. These agreements include the expansion of a new nutraceutical market that is expected to represent $40-$50 million of annual revenue once developed and scaled, a related strategic investment, and an unsecured credit facility of $25 million with a five-year maturity.
“We are very pleased with the significant traction we are experiencing in the first market we launched with this partner earlier this year and the speed by which we’ve been able to execute the expanded agreement into our second nutraceutical market with this partner. We expect the second nutraceutical product to reach full scale production in 2019 and combined with our first product with this partner we expect will generate approximately $100 million annually,” said John Melo, Amyris President & CEO. “We expect 2017 revenue from the first targeted product of around $40 million.”
Continued Melo, “We are very pleased with how well our partnership business model is delivering and the strategic nature of our partners.”
The closing of the collaboration expansion and credit agreements remains subject to obtaining certain required approvals. (Original Source)
Shares of Amyris opened today at $1.04. AMRS has a 1-year high of $1.85 and a 1-year low of $0.31. The stock’s 50-day moving average is $0.58 and its 200-day moving average is $0.58.
Amyris, Inc. engages in the research, development, manufacture, and sale of fuels and farnesene-derived products. Its products include cosmetics, flavors and fragrances, performance materials, diesel, jet fuel, and lubricants. It operates through the following geographical segments: United States, Brazil, Europe, and Asia.