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REDWOOD CITY, Calif. - Codexis , Inc. (NASDAQ: NASDAQ:CDXS), a prominent player in enzymatic solutions for therapeutics manufacturing, announced the appointment of Christos Richards to its Board of Directors. The company, which has seen its stock surge nearly 80% over the past year according to InvestingPro data, brings on Richards who offers over three decades of experience in executive advisory and search within the biopharmaceutical and healthcare sectors.
Stephen Dilly, Chairman and CEO of Codexis, expressed confidence that Richards' extensive industry knowledge would significantly contribute to the company's ongoing transformation. Richards himself acknowledged the potential of Codexis' proprietary technologies to advance RNAi therapeutics and other innovative therapeutic modalities.
Richards' expertise is extensive, having completed more than 450 executive-level assignments, including over 200 Board and CEO projects. He currently serves as the Global Head of Healthcare and Life Sciences at Calibre One and has previously held CEO positions at boutique search firms. His past board experience includes a tenure with Coherus BioSciences, and he is an advisor for UCSF's Innovation Ventures Entrepreneurship Center.
Codexis specializes in the development and commercialization of novel enzymes and proteins through its CodeEvolver® technology platform. The company, which maintains a healthy liquidity position with a current ratio of 3.21 and more cash than debt on its balance sheet according to InvestingPro data, is actively developing its ECO Synthesis™ manufacturing platform, aimed at the scaled production of RNAi therapeutics through an enzymatic route. Codexis' enzymes are designed to enhance manufacturing processes by increasing yields and efficiency while reducing energy use and waste.
The company's forward-looking statements suggest ambitious plans for the ECO Synthesis™ platform and its potential market share capture. While InvestingPro analysis indicates current challenges with profitability, showing a -$45.8 million EBITDA for the last twelve months, these projections are subject to the usual risks and uncertainties inherent in the biotech industry. InvestingPro subscribers can access 11 additional key insights and a comprehensive analysis of Codexis's financial health and market position.
This announcement is based on a press release statement and provides a glimpse into Codexis' strategy for growth and innovation within the biopharmaceutical manufacturing space.
In other recent news, Codexis, Inc. has reported significant developments. The company's third-quarter revenues for 2024 rose to $12.8 million, up from $9.3 million the previous year, driven by customer order timing. This resulted in product revenue climbing to $11.2 million. Codexis also announced the appointment of Dr. Raymond (NS:RYMD) De Vré, a seasoned biotech professional, to its Board of Directors, and amendments to its bylaws, aligning with recent Delaware law developments.
The company has strategically divested its genomics enzyme portfolio to focus on its core business, aiming to reach profitability by the end of 2026. Codexis plans to enhance enzyme production and establish a kilogram-scale ECO Synthesis manufacturing facility. A robust cash position of $90 million is expected to fund operations through 2027.
However, R&D revenue decreased to $1.7 million due to lower non-recurring items, and SG&A expenses increased to $13.6 million, primarily due to higher consulting costs. Despite this, Codexis remains optimistic about its future, with a partnership with Alphazyme expected to generate initial revenues in 2025. These are the company's recent developments.
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