Metabolix Provides Update on Biopolymer Manufacturing Plans

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Dec 22, 2014, 04:15 ET

CAMBRIDGE, Mass., Dec. 22, 2014 /PRNewswire/ -- Metabolix, Inc. (NASDAQ: MBLX), an advanced biomaterials company focused on sustainable solutions for the plastics industry, today provided an update on the Company's biopolymer manufacturing plans.

In the second half of 2014, Metabolix conducted a manufacturing site assessment, which included an engineering study, capital plan, operating cost estimates and discussions with the site owner, for intermediate scale biopolymer production at an existing contract manufacturing site. Taking into account the site assessment, timelines and other available information, Metabolix has decided to defer making a commitment to contract manufacturing at the site at this time.

Instead, Metabolix plans to significantly increase output of Mirel^® PHA biopolymers at its contracted pilot manufacturing facilities. The initial focus of this manufacturing plan will be production of the Company's a-PHA (amorphous, low Tg rubber) biopolymer for use in ongoing development activities based on this unique PHA product. This new PHA material, together with existing inventory, is intended to support both market development and initial customer conversions as Metabolix continues working to build its biopolymers business based on PHA performance additives.

"We believe this is the right approach to biopolymer manufacturing at this time," said Joseph Shaulson, president and CEO of Metabolix. "We expect the increased output from our pilot facilities will require only a modest level of capital investment in 2015, which extends the runway provided by the financing and restructuring we completed earlier this year as compared to the intermediate scale option we have been evaluating. We also expect this approach to accelerate the availability of a-PHA material for market development. Going forward, we intend to continue evaluating and developing production expansion options for our business as we bring on commercial scale customers for Metabolix PHA biopolymers."

About Metabolix

Metabolix, Inc. is an innovation-driven specialty materials company focused on delivering high- performance biopolymer solutions to customers in the plastics industry. Metabolix's Mirel^® biopolymer resins, which are derived from renewable resources, are a family of biobased performance additives based on PHA (polyhydroxyalkanoates). Metabolix's proprietary biotechnology platform enables the creation of specialty biopolymers for use in a broad range of applications such as construction and packaging materials, as well as industrial, consumer and personal care products.

For more information, please visit www.metabolix.com. (MBLX-G)

Safe Harbor for Forward-Looking Statements

This press release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release which are not strictly historical, including, without limitation, statements regarding the Company's manufacturing plans; business plans and strategies; expected market demand and commercialization plans for the Company's PHA biopolymer products; expected future financial results, and expectations for future research, product development, and collaborations constitute forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including the risks and uncertainties detailed in Metabolix's filings with the Securities and Exchange Commission, including its 10-K for the year ended December 31, 2013 filed on March 28, 2014.

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SOURCE Metabolix, Inc.