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METabolic EXplorer announces H1 results
10
Sep '08
METabolic EXplorer, a biological chemistry company that specialises in the development of novel bioprocesses for the production of chemical compounds used in a wide range of everyday products - paints, solvents, adhesives, textile fibres and dissolvable surgical thread - announced its half year financial results for the six month period ended 30 June 2008.

HIGHLIGHTS:
During the past six months, METabolic EXplorer has continued the development of its unique offering of bulk chemical compounds derived from “Biological Chemistry”.

Industrial property:
• Filing of a new patent family covering the production by fermentation of 1.2 Propanediol (MPG), bringing the Company's total number of patent families up to 26.
• Filing of 36 new patent applications, bringing the Company's total number of patent applications up to 162.

Ongoing developments: significant advances
• Glycolic acid: Our partner moved the product to the industrial pilot phase
• Methionine: achievement of a performance level in the Methionine project, enabling our partner to start the industrial pilot phase
• 1.3 Propanediol (PDO): Production of the first product samples with purity in excess of 99.5%. These samples were produced using industrially-produced glycerol as the feedstock
• Butanol: Move into the industrial pre-pilot phase.

Continuing increase in workforce size
• The Company employed 84 people at the end of June 2008, compared to 68 at the end of December 2007.
• 86% of the Company's staff work in R&D, of which 13 people are focused on process industrialisation.

RESULTS to 30 June 2008
In the January to June 2008 period, METabolic EXplorer achieved revenues up 15.7% to €1.03 million.

METabolic EXplorer recorded € 0.76 million in subsidies over the period, an increase of 64% compared to the six month period ended 30 June 2007. Subsidies relating to products under development originated in particular from:
• The French National Research Agency (ANR) for the MPG and Butanol projects,
• The French Industrial Innovation Agency (A2I) for the Glycolic Acid project.

Operating expenses:
Operating expenses in the first half of 2008 totalled € 4.92 million, up 71% compared to HY1 2007. This is due to the expansion of the Company, both in R&D and other areas.

R&D investments, which represent METabolic EXplorer's most significant operating cost, recorded a year-on-year increase of 71% to € 3.05 million. This was due to the strengthening of the Company's metabolic engineering resources, the setting up of the industrialization team and the gradual development of the pre-pilot production facility.

These R&D expenses were offset by the € 2.53 million capitalisation of R&D costs (compared to € 1.29 million in HY1 2007). This capitalisation of R&D reflects the value of the intangible assets created by METabolic Explorer as its products continue to advance.


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