ROSEVILLE, Minn., Sept. 28, 2021 /PRNewswire/ -- Calyxt,
Inc. (Nasdaq: CLXT), a plant-based technology platform
company, today announced it entered into a research collaboration
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. In addition to the potential health benefits, this
soybean and its oil may address sustainability challenges
associated with palm oil, such as food miles and palm oil's impact
on biodiversity.
As part of the research collaboration, Calyxt will receive cash
payments in each of the two years of its term. This collaboration
agreement also includes a commercial option for the global food
ingredient manufacturer. If exercised by our collaboration partner
and subject to negotiation of definitive terms of a commercial
agreement, Calyxt estimates it has the potential to receive future
aggregate payments of more than $35
million over the likely term of the commercial agreement,
based on the palm oil market share of the partner, assumptions as
to market pricing, and other key assumptions.
"Our research collaboration with this leading global food
ingredient manufacturer is an important validation of our
technology platform and marks Calyxt's evolution to a
partner-driven innovation model," said Michael A. Carr, President and Chief Executive
Officer of Calyxt. "This collaboration addresses our partner's
sustainability need and leverages our Company's strong foundational
research and unique understanding of plant metabolism built over
the course of a decade. This is an example of our work that is
squarely focused at the intersection of the innovation of natural
resources and the sustainability of our planet and has the
potential to positively address challenges associated with palm oil
by bringing forward an important new alternative. We look forward
to a productive relationship with our new collaborator."
Calyxt will utilize its proprietary technology platform to
deliver this innovation. This technology platform, based on a deep
understanding of plant genomes and pathways to engineer plant
metabolism, accelerates development and delivers a target faster
than traditional plant-based development.
"This research and development collaboration highlights our
continued evolution to a partner-driven innovation model," said
Sarah Reiter, Chief Business Officer
at Calyxt. "We are excited to be able to deploy our foundational
capabilities, proprietary intellectual property and unique
understanding of plant metabolism to deliver novel products
designed to meet our partners' needs and enable them to achieve
their sustainability goals."
About Calyxt
Calyxt (Nasdaq: CLXT) is a plant-based
biotechnology platform company focused on delivering innovations
that revolutionize how the world uses plants. Calyxt uses its
advanced plant-based biotechnology platform to generate innovative,
high-value, and sustainable materials and products for world-class
and industry leading customers and partners. For more information,
go to www.calyxt.com.
Forward-Looking Statements
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. In some cases, you can identify these statements by
forward-looking words such as "anticipates," "believes,"
"continue," "estimates," "expects," "targets," "intends," "may,"
"might," "plans," "potential," "predicts," "projects," "should,"
"will," or the negative of these terms and other similar
terminology. 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. These and other forward-looking statements are
predictions and projections about future events and trends based on
our current expectations, objectives and intentions and premised on
current assumptions. Our actual results, level of activity,
performance, or achievements could be materially different than
those expressed, implied, or anticipated by forward-looking
statements due to a variety of factors, including, but not limited
to: the severity and duration of the evolving COVID-19 pandemic and
the resulting impact on macro-economic conditions; the impact of
increased competition; disruptions at our or our collaborator's key
facilities; changes in customer preferences and market acceptance
of our, or our collaborator's, products, including an improved
soybean; competition for collaboration partners and licensees and
the successful execution of collaborations and licensing
agreements; the impact of adverse events during development,
including unsuccessful field trials or development trials or
disruptions in seed production; failures by third-party
contractors; inaccurate demand forecasting or milestone and royalty
payment projections, including projections used by Calyxt's
management in determining potential payments pursuant to a
commercial agreement, if any such agreement is achieved, with our
collaborator; the effectiveness of commercialization efforts by
commercial partners or licensees; disruptions to supply chains;
commodity price conditions; the impact of changes or increases in
oversight and regulation; disputes or challenges regarding
intellectual property; proliferation and continuous evolution of
new technologies; management changes; dislocations in the capital
markets; and other important factors discussed in Part I, Item 1A,
"Risk Factors" of our Annual Report on Form 10-K and subsequent
filings on Form 10-Q or Form 8-K with the U.S. Securities and
Exchange Commission. Any forward-looking statements made by us are
based only on information currently available to us when, and speak
only as of the date, such statement is made. Except as otherwise
required by securities and other applicable laws we do not assume
any obligation to publicly provide revisions or updates to any
forward-looking statements, whether as a result of new information,
future developments or otherwise, should circumstances change.
Contacts:
Calyxt Media Contact:
David Rosen/Sarah
Sutton
Argot Partners
(212) 600-1902
media@calyxt.com
Calyxt Investor Relations Contact:
Sherri Spear
Argot Partners
(212) 600-1902
investors@calyxt.com
Calyxt Business Development
Contact:
Sarah
Reiter
Calyxt, Inc.
(612) 427-7881
contact@calyxt.com
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SOURCE Calyxt, Inc.