METabolic EXplorer in 2011: Major industrial progresses on three products
Clermont-Ferrand , 22 March 2012 – METabolic EXplorer, a green chemistry company that specializes in the development of bioprocesses for the production of chemical compounds used in a wide range of everyday products (textile fibres, paints, solvents, animal feed supplements, adhesives), today presents its financial results for 2011.
2011 highlights
Among 2011’s highlights were major industrial progresses on three products. They are PDO, which will make METabolic EXplorer the first company to enter Southeast Asia with this compound; L-Methionine, for which the next stage is the launch of studies for large-scale industrialisation; and MPG, which entered the industrial pilot stage.
These three breakthroughs reflect METabolic EXplorer’s potential for industrial commitment, both on its own and through long-standing and future partnerships.
Intellectual property: first trademark
In 2011 the company strengthened its portfolio of existing projects, especially PDO, MPG and L-Methionine, and also new products. The intellectual property portfolio was optimised to limit overlaps between different patent families. Investment during the year amounted to €0.9 million, taking the company’s IP assets to 54 patent families and 357 titles.
More importantly, 2011 also saw the launch of the first trademark for PDO: Texerol™.
Industrial products and developments:
substantial results reflecting the company’s growth model
Market trends for listed industrial biotech companies show that having solid assets and proprietary resources is vital if a firm wants to keep command of its own future. METabolic EXplorer stresses that its strategy is based on the ability to deliver marketable solutions at the industrial level, either on its own or through long-standing and future partnerships.
That strategy is reflected in the industrial progress made on the three most advanced products:
MPG: As part of the Bio2Chem collaborative green chemistry project*, METabolic EXplorer received €1.4 million from OSEO in the course of the year. The payment corresponds to OSEO’s validation of a first key stage: completion of the intermediate fermentation process for MPG. MPG has entered the industrial pilot stage, the aim being to produce the first batches of samples and to define the process book in the near future. METabolic EXplorer points out that the lessons learned with PDO are bound to be useful for addressing the market when the time comes. Concerning commercial developments, the company has chosen joint ventures as the model for generating value on this product.
* METabolic EXplorer is lead-manager for the Bio2Chem programme, which comprises SpecialChem, a specialist in interactive marketing and open innovation in chemistry, and Laboratoire d’Ingénierie des Systèmes Biologiques et des Procédés (LISBP) at INSA Toulouse, specialised in biochemical engineering with prokaryotes.
L-Methionine: Excellent results have been obtained in zootechnical tests with chickens and piglets. At the same time, METabolic EXplorer’s long-time partner, Roquette, has taken two major decisions; to launch design studies for large-scale industrialisation of this technology and to initiate the regulatory approval process.
PDO: Aside from a recently announced slight delay in the schedule, METabolic EXplorer has pursued its contacts with end-users of PDO to meet its goal of being the first entrant in Southeast Asia. The company’s ability to ultimately supply the local market with PDO – the source of PTT, used to manufacture high-performance textiles – does not alter its determination to promote this technology through a joint venture.
2011 annual results
Cash consumed by ordinary operations limited to €7.7 million
Income for 2011 (income from activity, interest and tax) covers most of the expenditure for the period (R&D costs net of capitalised R&D, administrative and marketing costs). Consequently, the result for the year is a deficit of €3.4 million.
METabolic EXplorer once again showed its ability to manage rigorously. It succeeded in limiting the cash burn for 2011 to €7.7 million despite high R&D investments to underpin the development of the product portfolio. The company also stepped up capital expenditure in order to put MPG into the industrial pilot phase.
In parallel, a term deposit of €5.5 million was set up as collateral for a security in the same amount relating to infrastructures (land and buildings) at its future industrial plant in Malaysia. That sum is METabolic EXplorer’s main investment for this major project, since production equipments are financed by the Malaysian government through the Bio-XCell programme.
€26.9 million in gross cash at end 2011
At 31 December 2011 METabolic EXplorer had a gross cash position of €26.9 million (excluding the €5.5 million term deposit). This is totally consistent with its requirements under the development plan.
Gross financial debt, which covers investments in infrastructures at Clermont-Ferrand (offices, laboratories and industrial pilot plant), were €13.4 million.
-END-
About METabolic EXplorer - www.metabolic-explorer.com
METabolic EXplorer is a biological chemistry company which was incorporated in 1999. Its goal is to help industrial businesses deal with the heralded "end of oil", so that they can continue to manufacture but in a sustainable way.
Based on the tried and tested principle of industrial fermentation, METabolic EXplorer's solutions circumvent the problems posed by today’s burdensome and expensive petrochemical processes via the use of a wide range of renewable, sustainable raw materials. By optimizing the metabolic yield of non-pathogenic bacteria in a contained, controlled environment, the company facilitates the production of chemical compounds used in a wide range of everyday goods (textile fibres, paints, solvents, plastics and animal feed).
METabolic EXplorer is currently focusing its alternative biological solutions on the production of five compounds that together have an estimated, annual, end-market value of €11 billion. The company's strategy will be implemented in two forms – either via own-account developments (ie, manufacturing plants) in geographically strategic regions, or via limited exclusivity industrial partnerships in the shape of joint ventures.
METabolic EXplorer, based in Clermont-Ferrand, France, is listed on EURONEXT PARIS (EURONEXT C, METEX) and features in CAC Small.
The set-up of the METabolic EXplorer industrial pilot was co-financed by the European Union, which is committing funds to Auvergne through the European Regional Development Fund.
Get free financial information on METabolic EXplorer by registering with
www.metabolic-explorer.com or www.actus-finance.com.
METabolic EXplorer contacts
Media and shareholder contacts
ATTITUDE Corporate
Eric de Lambert
E-mail: edelambert@attitude-corporate.com
Tel.: +33 (0)1 4970 4341 / +33 (0)6 2529 0658
Investor and analyst contacts
Actus Finance
Jérôme Fabreguettes-Leib
E-mail: jfl@actus.fr
Tel.: +33 (0)1 7735 0436
This communication includes forward-looking information which is subject to risks and uncertainties. The potential development of the company could be substantially different from that anticipated in this press release because of the various risk factors which are described in the company’s Listing Prospectus.
Financial data
The audited IFRS accounts were signed off by the Board of Directors on 13 March 2012. Audit procedures on the consolidated financial statements have been carried out. The certification report will be issued after the procedures required for the publication of the annual financial report have been finalised.
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