On February 22, 2011, Amyris issued a press release announcing that it had successfully completed multiple runs of its fermentation process using Amyris engineered yeast to produce Biofene. The press release went on to state that “Amyris expects to commence commercial production of Biofene in the second quarter of 2011 and ramp production through manufacturing arrangements with entities including Biomin and Tate & Lyle.” Amyris said it will operate the production facility at Biomin and expects to begin Biofene production in May 2011.
On February 9, 2012, Amyris executives hosted a “Business Update” call for analysts stating that the company no longer planned to complete expansion of its Biomin facility due to operational issues. As a result, Amyris rescinded its previous production targets for Biofene and cash flow projections for 2012. Specifically, the company said it can “no longer adhere to our previously announced plan to produce 40 million liters to 50 million liters of Biofene in 2012.”
In reaction to the news, shares of Amyris fell 28% to $6.99 per share.
Chief Executive Officer John G. Melo said, “we had a significant number of operational issues through 2012, I am sorry, 2011. We ended December with stable operations at Biomin.”
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