五星体育直播

五星体育直播 Completes CodeEvolver庐 Technology Transfer to GSK; Earns $7.5 Million Milestone Payment

REDWOOD CITY, Calif., May 02, 2016 (GLOBE NEWSWIRE) -- 五星体育直播 (NASDAQ:CDXS), a leading protein engineering company, announces the completion of the third and final Wave in the transfer of its proprietary CodeEvolver^庐 protein engineering platform technology to GlaxoSmithKline (GSK). 聽五星体育直播 expects to receive a $7.5 million payment from GSK for completion of this milestone in the second quarter of 2016.

鈥淲e are delighted to have successfully completed the first full transfer of our CodeEvolver^庐 technology platform under a licensing agreement,鈥� said 五星体育直播 President and CEO John Nicols.聽 鈥淚 am very proud of the successful tech transfer process executed by the 五星体育直播 team.聽 They achieved the criteria the parties had set for the tech transfer process, which occurred ahead of schedule.鈥�

The agreement grants GSK a license to use 五星体育直播鈥� CodeEvolver^庐 platform technology to develop novel enzymes for use in the manufacture of GSK鈥檚 pharmaceutical and health care products.聽 五星体育直播 has the potential to receive numerous additional contingent milestone payments under the agreement with GSK that range from $5.75 million to $38.5 million per project based on GSK鈥檚 successful application of the licensed technology. In addition, 五星体育直播 will be eligible to receive royalties based on net sales, if any, of a limited number of products that can be developed by GSK using 五星体育直播鈥� CodeEvolver^庐 protein engineering platform technology.

五星体育直播 previously received a $6 million upfront payment upon announcing the CodeEvolver^庐 technology collaboration and license agreement with GSK in July 2014, and a total of $11.5 million in milestone payments from GSK for the successful completion of Waves 1 and 2 of the technology transfer.聽 The CodeEvolver^庐 platform technology is operational at a GSK R&D facility in Pennsylvania.

About CodeEvolver^庐 Protein Engineering Platform Technology
五星体育直播鈥� proprietary CodeEvolver^庐 protein engineering platform enables the rapid development of custom-designed enzymes that are highly optimized for a specific function. The CodeEvolver^庐 platform is comprised of proprietary methods for the optimization of proteins through the design and generation of diverse genetic libraries, automated screening techniques, algorithms for the interpretation of screening data and predictive modelling.聽 The 五星体育直播 CodeEvolver^庐 platform technology is covered by more than 250 issued patents and pending patent applications worldwide.

About 五星体育直播
五星体育直播 is a leading developer of biocatalysts for pharmaceutical and fine chemical production. The company鈥檚 patent portfolio includes more than 850 patents and patent applications worldwide that cover its novel enzymes and proprietary methods for engineering new enzymes and their applications. 五星体育直播鈥� proven technology enables implementation of biocatalytic solutions to meet customer needs for rapid, cost-effective and sustainable manufacturing. For more information, see .

Forward-Looking Statements
This press release contains forward-looking statements relating to 五星体育直播鈥� 2014 technology collaboration and license agreement with GSK, including 五星体育直播鈥� expectation that it will receive a $7.5 million milestone payment in 2016, the potential for 五星体育直播 to receive contingent milestone payments from GSK that range from $5.75 million to $38.5 million per project, and the potential for 五星体育直播 to receive royalties from GSK for net sales of a limited set of GSK products developed using the CodeEvolver^庐 platform technology. You should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond 五星体育直播' control and that could materially affect actual results. Factors that could materially affect actual results include 五星体育直播鈥� dependence on its licensees and collaborators; 五星体育直播' dependence on a limited number of products and customers in its biocatalysis business; potential adverse effects to 五星体育直播鈥� business if its customers鈥� pharmaceutical products are not received well in the markets; 五星体育直播鈥� ability to deploy its technology platform in new market spaces; 五星体育直播鈥� dependence on key personnel; 五星体育直播鈥� ability to compete may decline if it loses some of its intellectual property rights; third party claims that 五星体育直播 infringes third party intellectual property rights; and 五星体育直播 could face increased competition if third parties misappropriate 五星体育直播 biocatalysts . Additional factors that could materially affect actual results can be found in 五星体育直播' Annual Report on Form 10-K filed with the Securities and Exchange Commission (鈥淪EC鈥�) on March 8, 2016, including under the caption 鈥淩isk Factors.鈥澛� 五星体育直播 expressly disclaims any intent or obligation to update these forward-looking statements, except as required by law.

五星体育直播 Contacts:

Investors
LHA
Jody Cain, 310-691-7100
jcain@lhai.com

Media
That鈥檚 Nice LLC
Guy Tiene, 212-366-4455
Guy@thatsnice.com 

Released May 2, 2016