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Amyris to expand collaboration with Total, form JV to commercialize Amyris renewable diesel

Amyris, Inc., which applies its industrial synthetic biology platform to provide renewable alternatives to select petroleum-sourced products used in specialty chemical and transportation fuel markets, has entered into a term sheet with Total Gas & Power USA SAS, an affiliate of Total S.A., to expand the current collaboration (earlier post) and to form a joint venture to commercialize Amyris No Compromise Renewable Diesel.

Under the contemplated agreement, Total would fund expanded R&D at Amyris and provide capital for the acquisition and construction of dedicated production facilities. Total acquired a minority 17% stake in Amyris in 2010, and the parties are currently collaborating on the development of Amyris renewable jet fuel.

Amyris also announced that aggregate revenues for the quarter ended June 30, 2011 were $32.0 million versus $12.7 million in the second quarter of 2010, and Cost of Products Sold was $29.1 million versus $10.1 million. Research and Development expense increased to $23.4 million from $12.4 million, and Sales, General and Administrative expense increased to $22.2 million from $9.7 million.

Second quarter 2011 GAAP net loss attributable to common stockholders was $42.6 million compared with $19.9 million in the same quarter of 2010. On a non-GAAP basis, the net loss attributable to Amyris, Inc. common stockholders was $34.7 million compared to $17.4 million.

The company’s balance at the end of the second quarter of cash, cash equivalents and marketable securities was $187.0 million.

We are very excited to be expanding our relationship with Total, and view this as an affirmation of our technologies and products by a partner who has come to know us well. We expect that our partnership with Total has the potential to reduce our net cash operating expenditures by as much as $100 million through 2013.

We are growing other current relationships as well, including the recent formation of our lubricants joint venture with Cosan and the addition of a third product with Firmenich, and have added agreements with four new customers—Wilmar, Kuraray and the São Paulo and Rio bus fleets. Finally, we are supporting this demand activity with our progress in production; we are now producing Biofene at Biomin and at Antibióticos. Overall, we feel this has been a transformative quarter for Amyris.

—John Melo, CEO of Amyris


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