Codexis Increases Cash Reserves and Enhances Management Team to Fuel Growth of Company
Codexis (NASDAQ: CDXS) has strengthened its financial position and management team to drive growth. The company raised $31 million through its at-the-market facility, extending its cash runway into 2027. This adds to the $73.2 million in cash and equivalents reported on June 30, 2024.
Key leadership appointments include Alison Moore, PhD as Chief Technology Officer, Georgia Erbez as Chief Financial Officer, and John Schiffhauer as Senior Vice President of Intellectual Property. These additions bring decades of experience in biotechnology, finance, and IP management to Codexis.
The company is preparing to launch an innovative solution for efficient siRNA therapeutics manufacturing, positioning itself for growth in this emerging field. Codexis aims to strategically invest in talent, technology, and capabilities to capitalize on new opportunities while maintaining its path to profitability.
Codexis (NASDAQ: CDXS) ha rafforzato la propria posizione finanziaria e il team di gestione per stimolare la crescita. L'azienda ha raccolto 31 milioni di dollari attraverso la sua struttura at-the-market, estendendo così la sua liquidità fino al 2027. Questo si aggiunge ai 73,2 milioni di dollari in contante e equivalenti riportati al 30 giugno 2024.
Le principali nomine dirigenziali includono Alison Moore, PhD come Chief Technology Officer, Georgia Erbez come Chief Financial Officer, e John Schiffhauer come Senior Vice President della Proprietà Intellettuale. Questi nuovi membri portano con sé decenni di esperienza in biotecnologia, finanza e gestione della proprietà intellettuale a Codexis.
L'azienda si sta preparando a lanciare una soluzione innovativa per la produzione efficiente di terapie siRNA, posizionandosi per la crescita in questo campo emergente. Codexis mira a investire strategicamente in talenti, tecnologia e capacità per sfruttare nuove opportunità, mantenendo al contempo il proprio percorso verso la redditività.
Codexis (NASDAQ: CDXS) ha fortalecido su posición financiera y su equipo de gestión para impulsar el crecimiento. La compañía recaudó 31 millones de dólares a través de su instalación at-the-market, extendiendo su financiación hasta 2027. Esto se suma a los 73,2 millones de dólares en efectivo y equivalentes reportados al 30 de junio de 2024.
Las principales designaciones de liderazgo incluyen a Alison Moore, PhD como Directora de Tecnología, Georgia Erbez como Directora Financiera, y John Schiffhauer como Vicepresidente Senior de Propiedad Intelectual. Estas adiciones aportan décadas de experiencia en biotecnología, finanzas y gestión de propiedad intelectual a Codexis.
La compañía se está preparando para lanzar una solución innovadora para la fabricación eficiente de terapeutas siRNA, posicionándose para el crecimiento en este campo emergente. Codexis tiene como objetivo invertir estratégicamente en talento, tecnología y capacidades para aprovechar nuevas oportunidades mientras mantiene su camino hacia la rentabilidad.
Codexis (NASDAQ: CDXS)는 성장을 촉진하기 위해 재무 상태와 관리 팀을 강화했습니다. 회사는 시장에서 3,100만 달러를 모금하여 2027년까지의 현금 운영 기간을 연장했습니다. 이는 2024년 6월 30일 기준으로 보고된 7320만 달러의 현금 및 현금성 자산에 추가되는 것입니다.
주요 리더십 임명으로는 Alison Moore, PhD가 최고 기술 책임자(CTO), Georgia Erbez가 최고 재무 책임자(CFO), John Schiffhauer가 지적 재산권 선임 부사장으로 임명되었습니다. 이 추가 인원들은 Codexis에 생명공학, 재무 및 지적 재산 관리 분야에서 수십 년의 경험을 제공합니다.
회사는 효과적인 siRNA 치료제 제조를 위한 혁신적인 솔루션을 출시할 준비를 하고 있으며, 이 신흥 분야에서 성장할 수 있도록 자신을 위치시키고 있습니다. Codexis는 새로운 기회를 활용하기 위해 인재, 기술 및 역량에 전략적으로 투자하고, 수익성 향상을 위한 길을 유지하는 것을 목표로 하고 있습니다.
Codexis (NASDAQ: CDXS) a renforcé sa position financière et son équipe de direction pour stimuler la croissance. L'entreprise a levé 31 millions de dollars grâce à son installation at-the-market, prolongeant ainsi sa durée de liquidité jusqu'en 2027. Cela s'ajoute aux 73,2 millions de dollars en liquidités et équivalents reportés au 30 juin 2024.
Les principales nominations à la direction comprennent Alison Moore, PhD en tant que Directrice de la Technologie, Georgia Erbez en tant que Directrice Financière, et John Schiffhauer en tant que Vice-Président Senior de la Propriété Intellectuelle. Ces ajouts apportent des décennies d'expérience en biotechnologie, en finance et en gestion de la propriété intellectuelle à Codexis.
L'entreprise se prépare à lancer une solution innovante pour la fabrication efficace de thérapies siRNA, se positionnant ainsi pour une croissance dans ce domaine émergent. Codexis vise à investir stratégiquement dans les talents, la technologie et les capacités pour tirer parti de nouvelles opportunités tout en maintenant son chemin vers la rentabilité.
Codexis (NASDAQ: CDXS) hat seine finanzielle Position und das Management-Team gestärkt, um das Wachstum voranzutreiben. Das Unternehmen hat 31 Millionen Dollar über seine at-the-market-Einrichtung gesammelt und damit seine finanzielle Reichweite bis 2027 verlängert. Dies kommt zu den 73,2 Millionen Dollar an Barmitteln und Äquivalenten hinzu, die am 30. Juni 2024 gemeldet wurden.
Wichtige Führungspositionen umfassen Alison Moore, PhD als Chief Technology Officer, Georgia Erbez als Chief Financial Officer und John Schiffhauer als Senior Vice President für geistiges Eigentum. Diese Zugänge bringen Jahrzehnte an Erfahrung in der Biotechnologie, Finanzen und IP-Management zu Codexis.
Das Unternehmen bereitet sich darauf vor, eine innovative Lösung für die effiziente Herstellung von siRNA-Therapeutika einzuführen und sich damit für das Wachstum in diesem aufstrebenden Bereich zu positionieren. Codexis zielt darauf ab, strategisch in Talente, Technologie und Fähigkeiten zu investieren, um neue Chancen zu nutzen und gleichzeitig den Weg zur Rentabilität zu wahren.
- Raised $31 million through ATM facility, extending cash runway into 2027
- Appointed experienced executives to key leadership positions
- Preparing to launch innovative solution for siRNA therapeutics manufacturing
- Maintaining path to profitability while investing in growth
- None.
Insights
The $31 million capital raise through the ATM facility significantly bolsters Codexis' financial position, extending their cash runway into 2027. This infusion, combined with the
The appointment of Georgia Erbez as CFO is particularly noteworthy. Her expertise in finance, legal and corporate development could be instrumental in optimizing capital allocation and exploring potential M&A opportunities. The company's focus on maintaining a path to profitability while funding expansion is a positive sign for investors.
Codexis' positioning in the siRNA therapeutics manufacturing space presents a significant market opportunity. The strategic strengthening of the management team, especially in technical operations and IP management, suggests a well-planned approach to capitalize on this potential. Investors should monitor the company's progress in launching its siRNA manufacturing solution and any subsequent revenue growth.
Codexis' strategic appointments, particularly Dr. Alison Moore as CTO, signal a strong push towards optimizing and scaling manufacturing processes for novel therapeutic modalities, especially in siRNA therapeutics. This move could potentially position Codexis as a key player in the rapidly growing RNA therapeutics market.
The focus on expanding manufacturing and process development capabilities is important for Codexis to capitalize on the increasing demand for efficient siRNA production. The company's approach of combining enzymatic solutions with manufacturing expertise could provide a competitive edge in this space.
The addition of John Schiffhauer to manage the company's IP portfolio is also significant. In the biotech industry, a strong IP position can be a major value driver and defensive asset. His experience from Intel and Zymergen could be valuable in navigating complex IP landscapes and forming strategic partnerships, potentially opening new revenue streams or market opportunities for Codexis.
Company raises
New additions to leadership in technical operations, finance and intellectual property prepare Codexis for the next phase of growth
REDWOOD CITY, Calif., Oct. 02, 2024 (GLOBE NEWSWIRE) -- Codexis, Inc. (NASDAQ: CDXS), a leading provider of enzymatic solutions for efficient and scalable therapeutics manufacturing, today announced an increase in its cash reserves through capital raises totaling
“The leadership changes and financing announced today are important steps in setting Codexis up for the next phase of growth. With this influx of capital, Codexis is now able to strategically invest in the right talent, technology and capabilities to take advantage of the exciting opportunities before us,” said Stephen Dilly, MBBS, PhD, Chairman and Chief Executive Officer at Codexis. “We are delighted to welcome Alison Moore and Georgia Erbez to the Codexis management team. Alison is a highly regarded leader with an impressive track record in optimizing and scaling the manufacture of novel therapeutic modalities. She joins Codexis with deep existing knowledge of our trajectory having spent four years on our Board of Directors. Georgia is a seasoned financial executive with great expertise and leadership across a broad range of disciplines, including finance, legal, corporate development and operations. Together, they bring four decades of leadership experience for emerging biotechnology companies and will be instrumental to Codexis as we continue to execute on our strategy.”
“Codexis is on the cusp of launching an innovative solution to efficiently manufacture siRNA therapeutics. I’m excited to join this leadership team to expand our manufacturing and process development capabilities,” said Dr. Moore.
Ms. Erbez added, “Codexis is a hidden gem among small cap companies, with cash to self-fund its aggressive expansion plans while maintaining its path to profitability. I’m looking forward to working with the team to share the story of Codexis and build value for our shareholders, customers and employees.”
Codexis continues to focus on building out other senior leadership positions in the organization with key skillsets and experiences to support this next phase of growth as an siRNA manufacturer. In addition to the previously announced appointment of Britton Jimenez to Senior Vice President, Commercial Operations, Codexis has appointed John Schiffhauer as Senior Vice President, Intellectual Property. Mr. Schiffhauer brings over 20 years of experience in legal operations and intellectual property at Intel, and most recently, Zymergen, to this newly created role focused on managing the Company’s complex IP portfolio and executing strategic partnerships around it.
About Alison Moore, PhD
Alison Moore brings to Codexis significant experience as a biotechnology and pharmaceutical executive, including an extensive background in biomanufacturing. She is former Chief Technical Officer of Allogene Therapeutics, a pioneering clinical-stage company advancing CAR-T therapies. Prior to Allogene, she spent a total of 20 years at Amgen, most recently as Senior Vice President, Process Development, and including roles in Supply Chain and Manufacturing. Dr. Moore also has experience at Genentech as a Director in Chemistry, Manufacturing and Controls, and in Regulatory Affairs. Dr. Moore holds a bachelor’s degree in pharmacology with honors and a doctorate degree in cell biology from Manchester University, England.
About Georgia Erbez
Georgia Erbez is a seasoned financial and operations executive, most recently serving as Chief Operating Officer at Walking Fish Therapeutics, a private B cell therapy company. Prior to that, she served as the Chief Financial Officer of Harpoon Therapeutics, a public T cell therapy company. Ms. Erbez also held the role of Chief Business Officer and Chief Financial Officer at Zosano Pharma Corp., and has served as Chief Financial Officer for Revolution Medicines, Asterias Biotherapeutics and Raptor Pharmaceuticals. Earlier in her career, Ms. Erbez held senior positions in investment banking, most recently at Cowen and Company and Jefferies. In addition, she was a Managing Director at Axiom Financial Partners, a life-sciences consulting firm. She currently serves as a member of the board of directors of Coherus BioSciences. Ms. Erbez holds a bachelor’s degree in international relations with an emphasis on economics from the University of California, Davis.
About Codexis
Codexis is a leading provider of enzymatic solutions for efficient and scalable therapeutics manufacturing, leveraging its proprietary CodeEvolver® technology platform to discover, develop and enhance novel, high-performance enzymes and other classes of proteins. Codexis enzymes solve for real-world challenges associated with small molecule pharmaceuticals manufacturing and nucleic acid synthesis. The Company is currently developing its proprietary ECO Synthesis™ manufacturing platform to enable the scaled manufacture of RNAi therapeutics through an enzymatic route. Codexis’ unique enzymes can drive improvements such as higher yields, reduced energy usage and waste generation, improved efficiency in manufacturing and greater sensitivity in genomic and diagnostic applications. For more information, visit www.codexis.com.
About the ECO Synthesis™ Manufacturing Platform
Codexis’ proprietary Enzyme Catalyzed Oligonucleotide (ECO) Synthesis™ manufacturing platform is being designed to address scalability and cost limitations of traditional phosphoramidite chemistry by potentially enabling the commercial-scale manufacture of RNAi therapeutics through an enzymatic route. The Company presented groundbreaking data at the TIDES USA 2024 annual meeting demonstrating the enzymatic synthesis of a full-length sense strand of the oligonucleotide lumasiran, a commercially available siRNA therapeutic, as well as shorter sense strand fragments of a second siRNA therapeutic asset, givosiran. The data demonstrate that Codexis consistently achieved coupling efficiency greater than
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “design,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “positioned,” “potential,” “predict,” “seek,” “should,” “suggest,” “target,” “on track,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. To the extent that statements contained in this press release are not descriptions of historical facts, they are forward-looking statements reflecting the current beliefs and expectations of management, including but not limited to the sufficiency of Codexis’ cash to self-fund its expansion plans, achieve profitability and support a cash runway into 2027; Codexis’ ability to expand its manufacturing capabilities to support the growing double-stranded RNA ligase business and the ECO Synthesis™ technology platform; Codexis’ expectations regarding product revenue growth; the potential of Codexis’ ECO Synthesis™ manufacturing platform, including its ability to drive improvements relative to traditional chemical synthesis related to scalability, cost limitations, waste and overall economics; and other anticipated technical and commercial milestones related to the ECO Synthesis™ platform, and public announcements related thereto. Factors that could materially affect actual results include, among others: Codexis’ dependence on its licensees and collaborators; if any of its collaborators terminate their development programs under their respective license agreements with Codexis; Codexis may need additional capital in the future in order to expand its business; if Codexis is unable to successfully develop new technology such as its ECO Synthesis™ manufacturing platform and dsRNA ligase; Codexis' dependence on a limited number of products and customers, and potential adverse effects to Codexis’ business if its customers’ products are not received well in the markets; whether the end markets for Codexis’ customers’ products develop and remain viable; if Codexis is unable to develop and commercialize new products for its target markets; if competitors and potential competitors who have greater resources and experience than Codexis develop products and technologies that make Codexis’ products and technologies obsolete; Codexis’ ability to comply with debt covenants under its loan facility; if Codexis is unable to accurately forecast financial and operational performance; and market and economic conditions may negatively impact Codexis' business, financial condition and share price. Additional information about factors that could materially affect actual results can be found in Codexis’ Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 28, 2024 and in Codexis’ Quarterly Report on Form 10-Q filed with the SEC on August 8, 2024, including under the caption “Risk Factors,” and in Codexis’ other periodic reports filed with the SEC. Codexis expressly disclaims any intent or obligation to update these forward-looking statements, except as required by law.
For More Information
Investor Contact
Carrie McKim
(336) 608-9706
ir@codexis.com
Media Contact
Lauren Musto
(650) 421-8205
media@codexis.com
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