Enzyme maker's outlook altered by Big Oil's exit

The near-term financial outlook of enzyme maker Codexis Inc., has been significantly altered by Royal Dutch Shell and the big oil company’s announcement that it will reduce and end funding to the California-based company by October.

Total 2012 adjusted EBITDA revenues will reach roughly $50 million, down from $124 million in 2011. But, during a conference call, Jon Nicols, president and CEO of Codexis, talked about the impact it might have and why the absence of Shell may not hinder the growth of the fuel and chemical initiatives at Codexis.

Full text: biomassmagazine.com/articles/7949/enzyme-makers-outlook-altered-by-big-oils-exit

Tags: cellulosic ethanol, negotiations, enzyme package, cellulosic sugars