“Opal” is a family of structurally related ingredients with applications in cosmetics and other markets. The identity of the Opal family is not yet public.
In February 2014, Evolva partnered certain ingredients in the Opal family with L’Oréal (Paris, France). The partnership involves pathway creation, strain improvement (mainly done by Evolva) and application testing (mainly done by L’Oréal). L’Oréal has exclusivity for certain Opal ingredients within cosmetics, whilst Evolva retains rights to other markets and ingredients.
The partnership has progressed well, with all milestones achieved on or ahead of plan. L’Oréal is already performing initial application testing. L’Oréal pays Evolva research fees and made a milestone payment in early 2015.
Given success in bringing Opal ingredients to market, Evolva’s long-term revenues are expected to derive from the L’Oréal collaboration in cosmetics, sale of partnered ingredients outside cosmetics, and sale of non-partnered ingredients in all markets.