Amyris Exceeds Previous Debt Reduction Goal of $75 Million – $86 Million In Debt Retired
May 22 2017 - 8:30AM
Amyris, Inc. (Nasdaq:AMRS), the industrial bioscience company,
today announced it has already exceeded the debt reduction goal the
company stated in its May 8, 2017 announcements regarding equity
financings provided by Koninklijke DSM N.V. (Royal DSM)(AEX:DSM.AS)
and investors and its plans to reduce its debt by approximately $75
million. To date, $86 million in debt has been retired. Of this
amount, approximately $20 million was from long term convertible
bonds that converted at prices significantly higher than the
company’s current stock price and ranging from $1.14 to $2.24 per
share based on previously set conversion prices associated with
these notes.
“We are pleased to have already exceeded our previously stated
goal of reducing our debt by approximately $75 million and to have
done so in such a short time,” said John Melo, Amyris President
& CEO.
Continued Melo, “We continue to lead the industry in revenue
growth and product sales and are very pleased with the continued
expansion of collaborations that provide us with a strong and
sustainable product pipeline and commercial execution that we
expect will continue delivering very strong product revenue. Our
continued operational performance combined with strong cash
position and much improved balance sheet enable us to deliver on
our growth plan.”
About AmyrisAmyris 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 across a
number of markets, including specialty and performance chemicals,
flavors and fragrances, cosmetics ingredients, pharmaceuticals, and
nutraceuticals. More information about the company is available at
www.amyris.com.
Forward-Looking StatementsThis release contains
forward-looking statements, and any statements other than
statements of historical facts could be deemed to be
forward-looking statements. These forward-looking statements
include, among other things, statements regarding future events
(such as the expected expansion of collaborations, the anticipated
development of Amyris’s product pipeline, expected product revenue
and anticipated ability to deliver on Amyris’s growth plan) that
involve risks and uncertainties. These statements are based on
management's current expectations and actual results and future
events may differ materially due to risks and uncertainties,
including risks related to manufacturing capacity at Amyris’s
Brotas facility, delays or failures in development, production and
commercialization of products, liquidity and ability to fund
capital expenditures, Amyris’s reliance on third parties to achieve
its goals, and other risks detailed in the “Risk Factors” section
of Amyris’s annual report on Form 10-K filed on April 17, 2017.
Amyris disclaims any obligation to update information contained in
these forward-looking statements whether as a result of new
information, future events, or otherwise.
Amyris, the Amyris logo and No Compromise are registered
trademarks of Amyris, Inc.
Contact:
Peter DeNardo
Director, Investor Relations and Corporate Communications
Amyris, Inc.
+1 (510) 740-7481
investor@amyris.com
pr@amyris.com
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