METabolic EXplorer beats trend to post growth
METabolic EXplorer, a green chemistry company that specializes in the development of bioprocesses for the production of chemical compounds used in a wide range of everyday products (paints, solvents, animal feed supplements, adhesives, textile fibres, re-absorbable surgical thread) announced today its revenues for the 3rd Quarter ending 30 September 2008.
What is METEX doing given the current financial and economic crisis?
Despite the current financial crisis and the increasingly difficult economic situation impacting many business sectors, METabolic EXplorer, given its strong cash position, has continued with its research and the pre industrialization development of its proprietary products as it works towards signing one or more agreements with reference partners in the industry and for the market.
The progress that METabolic EXplorer has made with its long held strategy has been underlined by the number of important milestones that the company has delivered, particularly the advance of products into pre-pilot development. This progress has been due to quality and complementarity of the organisation, which the company has expanded by a third since January 2008.
Benjamin Gonzalez, the Company's CEO said “It is important to point out that the depth of this crisis has also enabled METabolic EXplorer to study and capitalise upon any opportunity likely to boost its strategy based on industrial partners, anywhere in the world”.
METabolic Explorer's revenues for the 3rd quarter 2008 of € 900k, stable on year to year basis. The revenues are mainly due to licensing deals from on-going technology programmes. As a result, the company's revenues do not develop in a linear way from one accounting period to another. During the first nine months of 2008 the Company's revenues amounted to €1.93 million, an 8% on the corresponding period in 2007.
At the end of September 2008, METabolic Explorer had cash resource of € 56.3 million this compared with € 54.9 million as of 30 June 2008.
About METabolic Explorer:
METabolic EXplorer is a biological chemistry company which was created in 1999. The company's goal is to assist industrial manufacturing businesses to change the way they produce many everyday goods through novel production methods that do not rely on increasingly scarce oil-based petrochemical feedstock.
METabolic EXplorer unique technical expertise provides industrial producers with attractive alternatives to today's expensive petrochemical processes by enabling them to use a range of renewable and sustainable raw materials. METabolic EXplorer is able to optimize the production yield of commercially important chemical intermediates from non-pathogenic bacteria by leveraging on the proven principle of industrial fermentation.
These chemical intermediates are incorporated into the production of chemical compounds used in a wide range of everyday products - paints, solvents, adhesives, textile fibres, surgical thread and animal feed. METabolic EXplorer is currently focusing its alternative solution (implemented via the development of its renewable fermentation-based bioprocesses) on the production of 5 products that have a combined end market value estimated at $14 billion annually. METabolic EXplorer is based in Clermont-Ferrand, France