MINNEAPOLIS, Oct. 1, 2013 /CNW Telbec/ - BioAmber Inc. (NYSE: BIOA)
announced today a payment to Cargill for achieving the final milestone
in their development agreement, under which BioAmber has exclusively
licensed the Cargill yeast technology for succinic acid production.
Completion of this milestone signals that the succinic acid producing
yeast has met performance expectations. BioAmber began work in August
2013 on a 30,000 MT plant in Sarnia, Ontario, and has engineered the
facility to operate with this proprietary yeast.
"This milestone achievement is the culmination of three years of joint
development with Cargill. We licensed this yeast in 2010 because we
strongly believed it is the best technology platform in the industry
for making organic acids, and because Cargill has experience in the
development and commercialization of organic acids that strengthened
our succinic acid program," said Jim Millis, BioAmber's Chief
"BioAmber and Cargill's collaboration has been successful and our yeast
technology has proven effective for making succinic acid. We look
forward to BioAmber commercializing the yeast when it brings on line
its bio-succinic acid facility in Sarnia," said Gary Folkert, Cargill's
Biotechnology Director of Licensing.
"Our proprietary technology platform has been significantly strengthened
with the Cargill yeast. This is an important milestone and we plan to
continue to work with Cargill to develop alternative feedstock options
for our succinic acid platform and to bring to market our adipic acid
yeast platform, which we have also licensed exclusively from Cargill,"
said Jean-Francois Huc, BioAmber's Chief Executive Officer.
BioAmber (NYSE and EURONEXT Paris: BIOA) is a sustainable chemicals
company. Its proprietary technology platform combines industrial
biotechnology and chemical catalysis to convert renewable feedstock
into chemicals for use in a wide variety of everyday products including
plastics, resins, food additives and personal care products. For more
information, visit www.bio-amber.com.
Cargill is an international producer and marketer of food, agricultural,
financial and industrial products and services. Founded in 1865, the
privately held company employs 140,000 people in 65 countries. Cargill
helps customers succeed through collaboration and innovation, and is
committed to applying its global knowledge and experience to help meet
economic, environmental and social challenges wherever it does
business. For more information, visit www.cargill.com.
This press release contains forward-looking statements, which are
subject to substantial risks, uncertainties and assumptions. These
statements often include words such as "believe," "expect,"
"anticipate," "intend," "plan," "estimate," "seek," "will," "may" or
similar expressions. Although we believe that the expectations
reflected in the forward-looking statements are reasonable, we cannot
guarantee that the events and circumstances reflected in the
forward-looking statements will be achieved or occur and the timing of
events and circumstances and actual results could differ materially
from those projected in the forward- looking statements. Accordingly,
you should not place undue reliance on these forward-looking
statements. All such statements speak only as of the date made, and we
undertake no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
SOURCE: BioAmber Inc.
For further information:
BioAmber Investor Contact
Tel (514) 844-8000 ext 120