July 16, 2012

Codexis, Shell in fuel discussion

Codexis announced today that it is under exclusive discussion with Shell that would give Codexis certain rights and licenses to develop and sell their cellulase enzymes to third parties in the biofuels field on a worldwide basis except Brazil.

Codexis said it has exclusive rights to commercialize its cellulase enzyme technology in all other fields (such as chemicals).
“Currently, Codexis’ cellulase enzyme technology can only be commercialized in the advanced biofuels field through Shell and its affiliates. If we finalize a new agreement with Shell as we currently anticipate, the rest of the world’s second generation biofuels producers will now also be available as target customers for our cost effective cellulase enzyme technology,” said John Nicols, Codexis’ President and Chief Executive Officer.
Shell can also elect to reduce between 13 and 48 full time employee equivalents under the Codexis-Shell research collaboration on one day notice beginning on August 31. The previous required notice for this redundancy was 90 days.

Codexis said it would take appropriate cost reduction measures to reduce its operating expenses if Shell will provide this notice to Codexis.
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