Calyxt, Inc., a plant-based synthetic biology company announced that it has successfully completed the first phase in its research collaboration agreement with a leading global food ingredient manufacturer based in Asia to develop an improved soybean capable of producing an oil as a commercial alternative to palm oil.
“We are proud of the progress we’ve made in this collaboration,” said Michael A. Carr, President and CEO of Calyxt. “The achievement builds on our expertise working with soybeans along with our team’s innovation and collective drive to engineer plant-based solutions that address sustainability challenges for our customers.”
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Calyxt’s ability to leverage the power of its proprietary PlantSpring technology platform in this space comes at a critical time in the international dialogue regarding the sustainability and environmental impact of traditional palm oil sourcing and production.
As previously disclosed, the completion of this first milestone results in a cash milestone payment to Calyxt. Calyxt has begun the second and final phase of the research collaboration and expects to receive a final milestone payment upon completion. Calyxt anticipates completing the final phase in the first quarter of 2024.
Calyxt is a plant-based synthetic biology company. The Company leverages its proprietary PlantSpring™ technology platform and Plant Cell Matrix™ biomass to engineer plant metabolism to produce innovative high value plant-based chemistries for use in customers’ materials and products. As plant-based solutions, the Company’s synthetic biology products can be used in helping customers meet their sustainability targets and financial goals. Calyxt’s diversified offerings are primarily delivered through its proprietary BioFactory™ production system.
This communication contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include statements about the development of the improved soybean and the success of the related research collaboration, and the potential for successfully negotiating, entering into, and receiving fees under, a commercial agreement with respect to the improved soybean.
SOURCE: PR Newswire