Biotech firm Amyris files for bankruptcy protection

Amyris seeks to improve cost structure, capital structure and obtain greater liquidity in the company

17 of August of 2023
Amyris

Amyris filed for bankruptcy last Wednesday in a US court. This was reported last week by Reuters news agency, which said the company plans to sell its consumer brands to raise cash as soon as possible.

The company has announced in a separate press release that its current roadmap includes an operational and financial restructuring to advance its ongoing strategic transformation. With this restructuring, Amyris seeks to improve the company's cost structure, capital structure and liquidity position while optimising the business portfolio and increasing its potential in R&D, commercialisation and application development of sustainable ingredients derived from biofermentation.

Amyris has informed that it will continue to operate its brands, also through retail partners and the brands' main e-commerce platforms.

The biotech has secured an agreement with an affiliate of existing lender Foris Ventures for a total of $190 million in financing to support recurring day-to-day operations.

"During the last months, have been working arduously in a plan of strategic transformation to reduce costs, improve the operative efficiency and attain a sustainable growth. We think that the step forward that has given our company today plants us in the best way to tackle our financial problems. Our aspiration to turn into us the company of biotechnology more efficient and productive of our industry has not changed. We follow excited with the potential on a long-term basis of Amyris and the capacity checked of our team talentoso to fulfil the promise of the synthetic biology and continue having a durable impact. At the end of this process of restructuring, We consider that Amyris will arise as a stronger financial company with a model of businesses more focused and a very defined way to the profitability. We will be prepared to grow of sustainable way beside our valuable partners and have a still greater impact in our world through the clean chemistry" has explained the CEO interim and financial director of Amyris, Have Kieftenbeld.