MONTREAL, Oct. 2, 2015 /CNW Telbec/ - BioAmber Inc. (NYSE: BIOA) announced today that its Sarnia joint venture with Mitsui & Co. Ltd. has begun shipping bio-succinic acid to customers and is operating its manufacturing process at commercial scale, meeting a significant company milestone.
Yeast biotechnology exceeds performance targets
BioAmber has confirmed the performance of its proprietary yeast in the production fermenters in Sarnia. The fermentation performance achieved is significantly above the initial targets set for 2015, and the yield and productivity levels already exceed the targets the plant was designed to hit longer term. The bio-succinic acid being produced is of higher quality than the product previously produced in the demonstration plant located in France.
"The operational ramp-up is ongoing and our fermentation results have exceeded all expectations, offering us the prospect of better operating margins than we had originally projected," said Fabrice Orecchioni, BioAmber's Chief Operations Officer. "We have a remarkable group of dedicated employees in the plant, supported by excellent engineers, and our decision to hire and train them well in advance of the startup is paying dividends. We are only a few weeks from commercial production and our yeast has already proven to be operationally robust and efficient, and our purification process is producing the high quality bio-succinic acid that we expected," he added.
Customer shipments initiated
Initial shipments have started to customers so they can confirm the quality of the bio-succinic acid produced in the Sarnia plant. Management expects the Sarnia plant to be in commercial operation later this month and to increase production volumes progressively to reach full capacity in 2017.
BioAmber (NYSE: BIOA) is a renewable materials company. Its innovative technology platform combines biotechnology and catalysis to convert renewable feedstock into building block materials that are used in a wide variety of everyday products including plastics, paints, textiles, food additives and personal care products. For more information visit www.bio-amber.com
This press release contains forward-looking statements, including statements related to the operational ramp-up of the Sarnia plant, the fermentation performance, product quality, future sales and operating margins and timeline for continuous operation. All statements other than statements of historical fact in this press release are forward-looking statements. These statements often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "seek," "will," "may" or similar expressions. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond BioAmber's control. BioAmber's actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it 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 the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. For additional disclosure regarding these and other risks faced by BioAmber, see disclosures contained in BioAmber's public filings with the SEC including, the "Risk Factors" section of BioAmber's most recent Report on Form 10-Q for the quarter ended June 30, 2015.
SOURCE BioAmber Inc.
For further information: BioAmber Contact: Mike Hartmann, Executive Vice President, BioAmber Inc., +1 (514) 844-8000 extension 120, [email protected]