Metabolix is winding down biopolymers operations

As part of the restructuring, Metabolix will eliminate approximately 45 positions in its biopolymer operations and corporate organization, and will pursue the sale of its biopolymers business assets. The immediate reduction in force represents approximately 50% of the Company's current workforce. Once the restructuring is complete, Metabolix anticipates a staff of approximately 20 people, comprised of the Yield10 crop science team together with a small group of administrative personnel. After the restructuring and wind-down of the biopolymers operation, the Company's annual cash burn rate is expected to be in the range of $5 million compared to approximately $25 million prior to the restructuring. Consistent with its new strategy, the Company plans to rebrand itself as Yield10 Bioscience in the coming months.

"With this realignment and focus around Yield10 and its exciting crop science technologies, we are starting a new chapter for the Company which we hope will create significant value as we work to develop and commercialize innovative approaches to step-change yield improvements for important food and feed crops like canola, soybean and corn," said Joseph Shaulson, president and CEO of Metabolix. "This is a dramatic restructuring and an unfortunate but necessary step to bring the Company forward with a new strategy based on what we believe are the most exciting and promising technologies in our portfolio. There are no decisions more difficult than this, and we would like to express deep appreciation to all our extremely talented and dedicated colleagues who will be impacted by these changes."

The Company is actively engaged in efforts to secure additional capital resources over the next several weeks to support the implementation of its new Yield10-focused strategy. All forms of financing may be considered, including public and private equity financing, secured or unsecured debt financing, equity or debt bridge financing, as well as licensing or other collaborative arrangements. In addition, the Company is holding its biopolymer assets for sale and may sell or license all or portions of its biopolymer inventory, equipment and intellectual property in connection with its ongoing financing efforts and the implementation of its new strategy. There can be no assurance that these efforts will be successful. If the Company is not able to secure such additional capital resources or otherwise fund its operations, it will be forced to wind down its remaining operations, including the Yield10 program, and pursue options for liquidating the Company's remaining assets, including intellectual property and equipment.

Yield10 is leveraging Metabolix's extensive track record of innovation based around optimizing the flow of carbon intermediates in living systems. In plants, Yield10 is working on new approaches to improve fundamental elements of plant metabolism to deliver step-change increases in crop yield through enhanced photosynthetic efficiency and directed carbon utilization.KL

http://www.metabolix.com

Please also read this news:

http://www.bioplasticsmagazine.com/en/news/meldungen/20160726-cellulac-proposes-merger-Metabolix.php