Amyris Delivers on First CBD Milestone; Collaboration Worth $300 Million
Amyris, Inc. recently announced it successfully delivered on its first milestone for its cannabinoid partner, LAVVAN, earning its first payment of $10 million, which is part of a $300-million collaboration before future royalty payments.
Amyris uses its best-in-class technology platform to continue to advance its unparalleled commercial success for using yeast to create pure, sustainable, fermented natural products.
“We are pleased with meeting our first milestone and confident in the capabilities of our R&D team toward rapidly meeting the objectives of this major agreement,” said John Melo, President & CEO of Amyris. “We can create highly pure CBD molecules, and we can bring down the cost significantly to support broad consumer adoption. This is the start of what we believe will be a mutually rewarding relationship with our partner, LAVVAN.”
“My team is truly excited to be working on this project with the support of LAVVAN, and is pleased with having delivered the first milestone on plan. The large body of work done prior to the announcement of the deal further strengthens our confidence in successfully developing and commercializing a large family of cannabinoid ingredients,” added Joel Cherry, Amyris President of Research and Development.
“We are delighted with Amyris’s ability to quickly meet the initial milestone requirement of our agreement,” said Etan Bendheim, LAVVAN CEO. “This meaningful laboratory achievement further confirms our thesis that Amyris is best suited to meet the task of commercializing cannabinoid ingredients in a highly disruptive and cost-efficient fashion. LAVVAN is busy laying the groundwork to scalably leverage Amyris’s platform, and we believe we will achieve a sizeable return on our investment in this rapidly expanding market.”
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. For more information, visit www.amyris.com.
LAVVAN, Inc. is a newly formed company backed by leaders across the pharmaceutical, cannabis, and financial sectors. LAVVAN is focused on spearheading bio-based disruption of the cannabinoid sector and providing the market with superior cannabinoids at significantly reduced cost for a multitude of consumer product and therapeutic applications.
Contact:
Peter DeNardo
Director, Investor Relations and Corporate Communications
Amyris, Inc.
+1 (510) 740-7481
investor@amyris.com
Total Page Views: 1942
