Business
Codexis Announces Agreement for Assignment and Assumption of San Carlos Facility Lease
Assignment results in estimated cumulative cash savings of more than $30M and supports projected cash runway to mid-2026 REDWOOD CITY, Calif., Sept. 07, 2023
About this update from Codexis, Inc.
[{"type":"text","content":"Assignment results in estimated cumulative cash savings of more than $30M and supports projected cash runway to mid-2026\nREDWOOD CITY, Calif., Sept. 07, 2023 (GLOBE NEWSWIRE) -- Codexis, Inc. (NASDAQ: CDXS), a leading enzyme engineering company, today announced the Company has executed an Assignment and Assumption of Lease for its San Carlos, California location. As a result of consolidating operations to its headquarters facility in Redwood City, California, Codexis estimates it will realize cumulative cash savings of more than $30 million through 2031. The execution of the Assignment Agreement is consistent with the Company’s ongoing strategy to focus resources on programs with the strongest commercial opportunity and greatest probability of near-term success, including the Company’s enzyme-catalyzed oligonucleotide (ECO) Synthesis™ technology platform, designed to enable scalable production of RNA interference (RNAi) therapeutics. “The swift execution of this lease assignment demonstrates our ability to efficiently streamline the business and concentrate on the priorities we outlined in July as part of our enhanced strategic focus,” said Kevin Norrett, MBA, Chief Operating Officer of Codexis. “Having the entire Company in one location will enable the close collaboration of our teams while also reducing overhead and positioning us to meet our projected cash runway to mid-2026.” Additional information regarding the Assignment Agreement can be found in the Company’s most recent Form 8-K filed with the U.S. Securities and Exchange Commission on September 7, 2023. About Codexis Codexis is a leading enzyme engineering company leveraging its proprietary CodeEvolver® technology platform to discover, develop and enhance novel, high-performance enzymes and other classes of proteins. Codexis enzymes solve for real-world challenges associated with small molecule pharmaceuticals manufacturing and nucleic acid synthesis, and the Company is currently developing its proprietary ECO Synthesis™ platform to enable the scaled manufacture of RNAi therapeutics through an enzymatic route. Codexis’ unique enzymes can drive improvements such as higher yields, reduced energy usage and waste generation, improved efficiency in manufacturing and greater sensitivity in genomic and diagnostic applications. For more information, visit www.codexis.com. Forw...