Evolva reaches first milestone in IFF collaboration
The ultimate objective of the collaboration is to implement a commercially viable biosynthetic route for the sustainable production of a key flavouring ingredient. Several targets have been defined to measure the progress of the project, including yield and manufacturing cost.
As the first major target in this project has been achieved, IFF will make a milestone payment to Evolva. The milestone payment does not change Evolva’s cash flow guidance for 2012.
Neil Goldsmith, CEO of Evolva, said, “Hitting a major project target ahead of schedule, is of course great news. The fact that we have just recently agreed on a second project with IFF, confirms our ability to deliver for demanding partners.”
Most read news
Other news from the department business & finance
Get the chemical industry in your inbox
From now on, don't miss a thing: Our newsletter for the chemical industry, analytics, lab technology and process engineering brings you up to date every Tuesday and Thursday. The latest industry news, product highlights and innovations - compact and easy to understand in your inbox. Researched by us so you don't have to.