By Josh Beckerman
Codexis Inc. (CDXS), which develops bio-catalysts for
pharmaceutical and chemical production, has granted GlaxoSmithKline
PLC (GSK) a license to use its CodeEvolver protein technology.
Codexis shares were up 84% in after-hours trading at $2.60.
The license lets Glaxo use Codexis' platform technology to
develop enzymes for use in pharmaceutical and health-care
products.
Codexis said it is eligible to receive up to $25 million over a
period of about two years, $6 million of which will be paid upfront
and $19 million that is subject to completion of technology
transfer milestones.
The company could receive additional milestone payments of $5.75
million to $38.5 million per project, depending on successful
application of the technology.
Codexis said in May that first-quarter revenue fell 38% to $7.1
million, reflecting a loss of biocatalyst and intermediate sales in
the hepatitis C drug marketplace. The company's net loss narrowed
to $6.4 million, or 17 cents a share, from $9.6 million, or 25
cents a share. At the time, Codexis also reaffirmed 2014 revenue
guidance of $33 million to $35 million.
On June 30, Codexis announced the resignation of Chief Financial
Officer David O'Toole. On July 9, diagnostic devices company Capnia
Inc. said it hired Mr. O'Toole as its CFO.
Write to Josh Beckerman at josh.beckerman@wsj.com
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