Reinach, Switzerland, 21 June 2012 – Evolva Holding SA (SIX: EVE) today announced that International Flavors & Fragrances Inc. (IFF) has confirmed that Evolva has achieved the first milestone in their collaboration that was announced in January 2011.
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.”
Dr. Mark Dewis, V.P. R&D Flavors of IFF, said, “It is always rewarding when major R&D projects deliver results and perform according to expectations. I am delighted that the Evolva team has delivered this milestone ahead of schedule. I look forward to the completion of the project and realisation of commercial success in the marketplace, as we continue to build additional competitive advantages.”
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