Codexis Q3 net loss narrows

Comtex News Network

Nov 23, 2012 (Datamonitor via COMTEX) --Codexis, Inc., a developer of industrial enzymes for the production of pharmaceuticals, has reported that net loss for the third quarter ended September 30, 2012 was $2.31 million, or $0.06 loss per share, compared to a net loss of $2.74 million, or $0.08 loss per share, for the same quarter ended September 30, 2011.

Total revenues for the third quarter of 2012 were $26.34 million, compared to $33.28 million for the same quarter of 2011.

Net loss for the nine months ended September 30, 2012 was $15.32 million, or $0.42 loss per share, compared to a net loss of $11.25 million, or $0.32 loss per share, for the same period ended September 30, 2011.

Total revenues for the nine months ended September 30, 2012 were $80.39 million, compared to $90.37 million for the same period ended September 30, 2011.

"As promised, Codexis went about the hard, but crucial work this quarter of strategically realigning the company for its forward growth strategy following the loss of Shell funding," said John Nicols, President and CEO of Codexis. "In parallel, we are encouraged by solid developments in our pharma business having recently finalized a new, more profitable business arrangement with our manufacturing partner, Arch Pharmalabs. We are also developing early prospects for commercialization partners for our CodeXyme cellulase enzymes, which produce cellulosic sugars," Nicols added.

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