📖 Your Q2 Earnings Guide: Discover the Stocks ProPicks AI Highlights to Jump Post-EarningsRead more

Codexis secures $40 million loan to advance RNAi platform

EditorLina Guerrero
Published 02/13/2024, 05:07 PM
© Reuters.
CDXS
-

REDWOOD CITY, Calif. - Codexis , Inc. (NASDAQ: NASDAQ:CDXS), a prominent enzyme engineering firm, has secured a term loan facility of up to $40 million with Innovatus Capital Partners, LLC. The agreement includes an immediate $30 million with an additional $10 million available upon reaching certain revenue milestones. This financial maneuver is set to bolster Codexis's cash reserves and extend its operational runway to achieve cash-flow positivity by late 2026, enhancing the development and commercialization of its Enzyme-Catalyzed Oligonucleotide (ECO) Synthesis™ manufacturing platform for RNAi therapeutics.

The ECO Synthesis™ platform aims to overcome current challenges in the large-scale production of RNAi therapeutics, which is anticipated to face a demand surge by the decade's end. Codexis' technology is designed to enable commercial-scale RNAi therapeutic manufacturing through an enzymatic route, which could present significant advantages over traditional chemical synthesis in terms of quality, quantity, and cost-efficiency.

Stephen Dilly, MBBS, PhD, CEO of Codexis, expressed enthusiasm about the partnership with Innovatus, highlighting the opportunity in RNAi therapeutics and the company's intent to invest in an ECO Synthesis™ Innovation Lab. This facility will facilitate technical advancements and early-stage customer testing, potentially leading to the development of a full-scale GMP facility.

Claes Ekstrom, Managing Director and Head of Life Sciences at Innovatus, also commented on the investment's potential, citing Codexis' innovative technology, foundational business, and experienced leadership as key growth drivers.

Codexis retained approximately $29 million in net proceeds from the first tranche of the loan, which carries an interest-only period of 36 months over a total term of 60 months. Further details will be disclosed in an upcoming SEC filing.

The company's ECO Synthesis™ platform has recently achieved gram-scale synthesis, and Codexis is on track to initiate early access customer testing in the second half of 2024.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.