EVRY, France--()--Regulatory News:
“The revenues exceed one million euros for the first time and have covered an important part of the expenses of the second half-year 2012.”
Global Bioenergies (Paris:ALGBE) announces having received a new payment of 1.17 million euros as part of the partnership initiated in 2011 with Synthos. This payment follows the 1.5 million euros received for the successful completion of the first phase of the butadiene program in December 2012.
The partnership with Synthos aims at developing a biological process for the production of butadiene, a key molecule to manufacture synthetic rubbers.
Marc Delcourt, CEO of Global Bioenergies, declares: “The successful completion of the first phase of our partnership with Synthos represented a milestone in the development of the company. It has demonstrated our ability to reproduce the synthetic biology approach first used for isobutene, and regarded as a breakthrough innovation in 2010. Global Bioenergies now has a pipeline of processes under development.”
Of the 1.17 million euros received, 0.28 million euros are accounted for under the revenues of the second half-year 2012 which, in total, amount to 1.78 million euros (unaudited).
Liliane Bronstein, CFO of Global Bioenergies, declares: “The revenues exceed one million euros for the first time and have covered an important part of the expenses of the second half-year 2012.”
As a reminder, the partnership between Global Bioenergies and Synthos is based on sharing exploitation rights: Synthos holds exclusive rights on the conversion of glucose into butadiene for rubber applications, on which Global Bioenergies will be entitled to receive royalty payments. Global Bioenergies holds the rights for all other applications of butadiene such as Nylon as well as specific types of plastics and latex, on which the company is free to establish additional industrial agreements.
Global Bioenergies would also like to mention that the last annual general meeting, held on December 6th 2012, has established the 31st of December instead of the 30th of June as the new closing date for its fiscal year. The fiscal year ending on December 31st 2012 will cover only six months (from July 1st to December 31st 2012). The next annual general meeting will be held before June 30th 2013.
About GLOBAL BIOENERGIES
Global Bioenergies is one of the few companies worldwide, and the only one in Europe, that is developing a process to convert renewable resources into hydrocarbons through fermentation. The Company initially focused its efforts on the production of isobutene, one of the most important petrochemical building blocks that can be converted into fuels, plastics, organic glass and elastomers. Global Bioenergies continues to improve the yield of its process and prepares the phase dedicated to pilot testing. The company recently replicated this success to propylene and butadiene and is also looking to continue with other members of the gaseous olefins family, key molecules at the heart of petrochemical industry. Global Bioenergies is listed on NYSE Alternext Paris (FR0011052257 – ALGBE).
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