Amyris delivers high-performance alternatives to petroleum, plant and animal-based products across a wide range of consumer and industry segments. Our products offer customers a way to reduce environmental impact with No Compromise® in performance or availability. We are making better chemistry biologically.
EMERYVILLE, Calif., May 22, 2017 (GLOBE NEWSWIRE) -- Amyris, Inc. (Nasdaq:AMRS), the industrial bioscience company, today announced it has already exceeded the debt reduction goal the company stated in its May 8, 2017 announcements regarding equity financings provided by Koninklijke DSM N.V. (Royal DSM)(AEX:DSM.AS) and investors and its plans to reduce its debt by approximately $75 million. To date, $86 million in debt has been retired. Of this amount, approximately $20 million was from long term convertible bonds that converted at prices significantly higher than the company's current stock price and ranging from $1.14 to $2.24 per share based on previously set conversion prices associated with these notes.
"We are pleased to have already exceeded our previously stated goal of reducing our debt by approximately $75 million and to have done so in such a short time," said John Melo, Amyris President & CEO.
Continued Melo, "We continue to lead the industry in revenue growth and product sales and are very pleased with the continued expansion of collaborations that provide us with a strong and sustainable product pipeline and commercial execution that we expect will continue delivering very strong product revenue. Our continued operational performance combined with strong cash position and much improved balance sheet enable us to deliver on our growth plan."
Amyris is the integrated renewable products company that is enabling the world's leading brands to achieve sustainable growth. Amyris applies its innovative bioscience solutions to convert plant sugars into hydrocarbon molecules and produce specialty ingredients and consumer products. The company is delivering its No Compromise® products across a number of markets, including specialty and performance chemicals, flavors and fragrances, cosmetics ingredients, pharmaceuticals, and nutraceuticals. More information about the company is available at www.amyris.com.
This release contains forward-looking statements, and any statements other than statements of historical facts could be deemed to be forward-looking statements. These forward-looking statements include, among other things, statements regarding future events (such as the expected expansion of collaborations, the anticipated development of Amyris's product pipeline, expected product revenue and anticipated ability to deliver on Amyris's growth plan) that involve risks and uncertainties. These statements are based on management's current expectations and actual results and future events may differ materially due to risks and uncertainties, including risks related to manufacturing capacity at Amyris's Brotas facility, delays or failures in development, production and commercialization of products, liquidity and ability to fund capital expenditures, Amyris's reliance on third parties to achieve its goals, and other risks detailed in the "Risk Factors" section of Amyris's annual report on Form 10-K filed on April 17, 2017. Amyris disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.
Amyris, the Amyris logo and No Compromise are registered trademarks of Amyris, Inc.