REDWOOD CITY, Calif. - Codexis , Inc. (NASDAQ: NASDAQ:CDXS), a prominent enzyme technology company, today announced the appointment of Raymond (NS:RYMD) De Vré, PhD, to its Board of Directors. Dr. De Vré is recognized for his extensive experience in the biopharmaceutical sector, particularly in oligonucleotide manufacturing, a field relevant to Codexis' operations.
Dr. De Vré's career spans over two decades, with key positions held at various organizations within the healthcare and biotech industries. He is the Managing Director of RADV Advisory, a company providing strategic advice in the global healthcare sector. His previous roles include CEO of PolyPeptide Group and several senior leadership positions at Dr. Reddy’s Laboratories.
Codexis specializes in the development of novel enzymes through its proprietary CodeEvolver® technology platform. These enzymes are used to improve the manufacturing process of small molecule pharmaceuticals and nucleic acids. The company is also developing its ECO Synthesis™ platform, aimed at the enzymatic production of RNAi therapeutics.
The addition of Dr. De Vré to the Codexis board is expected to provide valuable insight into the commercial and regulatory aspects of the industry, which could be beneficial as Codexis continues to develop and commercialize its technology platforms.
This announcement is based on a press release statement and does not include any forward-looking statements or predictions of future company performance. It is intended to inform about the current addition to the Codexis Board of Directors and does not reflect any future events or outcomes.
In other recent news, Codexis, Inc. has seen a series of significant developments. The biotechnology company reported a rise in its third-quarter revenues for 2024, increasing to $12.8 million from $9.3 million the previous year, driven by customer order timing which resulted in product revenue rising to $11.2 million. Codexis also announced the appointment of Dr. Raymond De Vré as a new independent board member, and amendments to its bylaws, aligning with recent Delaware law developments.
The company has divested its genomics enzyme portfolio to focus on its core business, and has set a goal to reach profitability by the end of 2026. Additionally, Codexis plans to enhance enzyme production and establish a kilogram-scale ECO Synthesis manufacturing facility, with a strong cash position of $90 million 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 recent developments in the company's ongoing operations.
InvestingPro Insights
As Codexis, Inc. (NASDAQ: CDXS) welcomes Dr. Raymond De Vré to its Board of Directors, investors may find additional context from recent financial data and expert insights. According to InvestingPro, Codexis has shown a remarkable 144.58% price total return over the past year, indicating strong market confidence in the company's direction and potential.
This positive sentiment is further supported by InvestingPro Tips, which reveal that three analysts have revised their earnings upwards for the upcoming period. This could suggest growing optimism about the company's future performance, possibly influenced by strategic moves such as the recent board appointment.
Despite these positive indicators, it's important to note that Codexis is not currently profitable, with a negative P/E ratio of -6.01 for the last twelve months as of Q3 2024. However, the company holds more cash than debt on its balance sheet, which may provide financial flexibility as it continues to develop its enzyme technology platforms.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for Codexis, providing a deeper understanding of the company's financial health and market position.
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