- Publication of an articleco-authored by
Carbios and TBI in the prestigious scientific journal
Nature
- Joint-Development Agreement with the world
leader in enzyme production Novozymes
- Creation of a collaborative enzyme
engineering research center of international scale on plastic
recycling and biosynthesis.
- Launch of the construction of an industrial
demonstration plant for the enzymatic recycling of PET plastics and
fibers
- Successful capital increase of 27 million
euros with French and international institutional
investors
- Carbiolice: commercial launch of EVANESTO®
(enzymatic biodegradation of PLA based single-use plastics) to
start second half of 2020
- 224% share price increase since January
1st, 2020, 2nd best performance on Euronext Growth Paris among
issuers with a marketcap between 200 and 300 million
euros1
Regulatory News:
CARBIOS (Paris:ALCRB) a company pioneering new, bio-industrial
solutions to reinvent the lifecycle of plastic and textile
polymers, today announced its operating and financial results for
the first half of 2020. The financial statements as of June 30th,
2020 were approved by the Company’s Board of Directors.
“In the first half of 2020, we have maintained momentum with our
pipeline of technologies as well as ensuring business continuity
despite this challenging and unprecedented time. We have signed a
new joint-development agreement with Novozymes to develop the
production and supply of our proprietary enzymes dedicated to the
recycling of PET plastics and fibers. The construction of our
demonstration plant has also started, and we have gained a major
international recognition with the publication of an article
co-authored by Carbios scientists and our partner TBI2 in the
prestigious scientific journal Nature. In addition, we successfully
completed a €27 million capital increase with French and
International investors, which will enable us to continue to invest
and implement our strategy for the industrialization of our
technologies. I would like to thank our employees for their agility
during this period, as well as our shareholders and all the
stakeholders involved in the development of our circular economy
solutions,” comments Jean-Claude Lumaret, CEO of Carbios.
Highlights of the first half of 2020
and post-closing:
Publication of an article in the
prestigious scientific journal Nature
In April 20203, Carbios announced the publication of an
article in the prestigious scientific journal Nature entitled
“An engineered PET-depolymerase to break down and recycle plastic
bottles”. This article was co-authored by researchers at Carbios
and TBI laboratory. The article describes the development of a
novel enzyme which can biologically depolymerize all polyethylene
terephthalate (PET) plastic waste followed by recycling into new
bottles. After several years of research, Carbios and TBI have
succeeded in improving the depolymerization performance of PET
waste: the enzyme depolymerizes 90% of post-consumption PET in only
10 hours. By combining engineering and molecular design, the
thermostability and activity of the PET-depolymerase have been
improved to allow it to very effectively conduct the reaction of
PET into terephthalic acid and mono-ethylene glycol, achieving a
productivity of 16.7 g/L/h of terephthalic acid from a suspension
of 200 g/kg of PET waste.
Joint-development agreement with
Novozymes, the world-leading enzyme producer
In January 20204, the Company announced the signature of an
exclusive joint-development agreement with Novozymes, the world
leader in enzyme production. This collaboration guarantees the
production of Carbios’ proprietary enzyme for PET degradation
during the demonstration and industrial deployment phases. For the
Company, this agreement represents a key stage in demonstrating the
environmental benefit of its technology and guaranteeing a
sustainable infinite recycling solution for PET-based products,
such as drinks bottles, containers, plastic packaging and textiles,
for its future customers. It also reinforces the credibility of the
business model envisaged by the Company for the large-scale
roll-out of its proprietary PET plastic and fiber recycling
technology.
Creation of an international
collaborative research center with INSA Toulouse
In January 20205, the Company announced a strategic alliance
with INSA Toulouse through its TBI laboratory to set up an
enzymatic engineering research center of international scale for
the recycling and biosynthesis of plastics. This collaborative
laboratory, called PoPLaB (Plastic Polymers and
Biotechnologies) was inaugurated end of January.
Launch of the construction of an
industrial demonstration plant for the enzymatic recycling of
PET
In June 20206, the Company announced the launch of the
construction of its industrial demonstration plant for the
enzymatic recycling of PET plastic. Carbios is supported and
advised by TechnipFMC for the engineering and construction of this
demonstration plant.
Successful €27 million capital
increase
In July 20207, Carbios announced the strong success of a
capital increase through an offering to French and International
qualified investors by way of an accelerated bookbuilding. This
Primary Offering resulted in the issuance of 1,028,572 new ordinary
shares, representing 14.79% of the Company’s current share capital,
on a non-diluted basis, prior to the completion of the Primary
Offering (a dilution of 12.89%) at a subscription price per share
of €26.25 (issue premium included), for a total amount of
€27,000,015.
As strategic investors, L’Oréal, through its private equity fund
BOLD Business Opportunities for L’Oréal Development, and Michelin
Ventures subscribed to this capital increase, in accordance with
the commitments they had made, for a total amount of €3.9 million,
which represents 148,571 new shares or 14.44% of the total number
of new shares issued as part of this capital increase. This support
is a strong sign of the legitimacy acquired by the Company and its
management team.
This capital increase, which has attracted a high level of
participation by new shareholders, in particular internationally
(more than 50% of subscribers), also contributes to the
diversification of CARBIOS’ shareholder base and is a significant
step in supporting the Company’s development.
Intellectual Property
During the first semester, Carbios pursued the procedures on its
current patent requests (extension abroad, answers to official
letters) to extend filing of its intellectual property to wider
geographical areas. Particularly, the United States Patent and
Trademark Office (USPTO) has granted Carbios two new patents
protecting the Company’s most efficient enzymes for the recycling
of PET-based post-consumer plastics ([US 10,584,320 B2] [US
10,590,401 B2]). The Company has also recently received a patent
for its proprietary recycling process from the China National
Intellectual Property Administration (CNIPA) [CN104937015B]. This
will complement the patents already granted in the U.S., Europe and
Japan8 for said process.
As of June 30th, 2020, Carbios intellectual property portfolio
included 33 families of patents (including 28 fully owned, 4 in
co-ownership with exclusive exploitation rights and one under an
exclusive worldwide license with the CNRS and University of
Poitiers), representing 148 patent titles filed across the world’s
key regions and 26 patents already delivered. 15 of said families
are related to Carbios’ proprietary PET recycling technology with
applications filed in Europe, U.S., Canada, Mexico, China, India,
Thailand, Indonesia, South Korea and Japan.
Evolution of the Board of
Directors
At its Annual General Meeting dated June 18th, 2020, Mr.
Matthieu VAN DER ELST was appointed Censor of the Company, for
a duration of one year, expiring at the term of the Annual General
Meeting to be held in the course of 2021 and which will be called
to approve the financial statements for the year ended December 31,
2020.
Evolution of the Executive
Committee
In June 2020, Mr. Martin STEPHAN was appointed Deputy
Chief Executive Officer.
In September, 20209, Mr. Kader HIDRA was appointed Chief
Financial Officer and member of the Executive Committee.
Carbiolice: commercial launch of
EVANESTO® second half of 2020
Carbiolice, a subsidiary owned at 52,70% by Carbios, aims by the
end of 2020 to commercialize the enzymatic degradation technology
of PLA based single-use plastics developed by Carbios and granted
in license by producing and marketing the solution
EVANESTO®. This innovation will be implemented in the form
of an additive which can easily be integrated in conventional
plastic and packaging manufacturing processes. It accelerates their
biodegradation and ensures the composting in domestic
conditions.
In June 202010, Carbiolice and the Group Barbier, French leader
in the production of agricultural films, announced a collaboration
to produce biodegradable mulch films using the EVANESTO®
technology. This project aims to develop a new generation of
mulch films with EVANESTO®, combining a higher content of PLA
and biodegradation at ambient temperature. Thus, more than 1,000
square meters of films were extruded last May by Carbiolice and the
Group Barbier for tests currently being carried out under real
conditions in several horticultural fields.
Income & Loss Statement –
First-half 2020:
(in thousand
euros)
June 30,
2019
(6
months)
June 30,
2020
(6
months)
Operating
revenues
702
849
Operating expenses
(2,717)
(3,567)
Operating income/loss
(2,015)
(2,718)
Financial income/loss
(8)
(50)
Pre-tax profit
(2,023)
(2,768)
Extraordinary profit/loss
2
39
Income tax (Research Tax Credit)
310
469
Net income/loss
(1,711)
(2,260)
As of June 30th, 2020, year-to-date operating income stood at
€849,000 versus €702,000 for the first half of 2019. Most of this
income comes from the ADEME subsidies for the Company’s ongoing
CE-PET project, and from research service revenues with its
subsidiary Carbiolice.
During the first half of 2020, Carbios spent €3.567 million on
operational activities. With the CE-PET project continuation and
intensification, external R&D expenses have increased compared
to 2019. The Company also saw its staff costs increase due to the
expansion of its workforce and have seen the opening of new sites
in Riom (Pilot) and in La Pardieu (administrative offices), which
contributed to the increase in lease expenses.
As a result, the net loss for the first half of 2020 settles at
€2.260 million versus €1.711 million for the first half of 2019,
after taking into account the research tax credit of € 469,000.
Cash burn of €2 million during the first half of 2020 and
successful €27 million capital increase
Carbios shows a solid financial structure, with a cash position
of €13.9 million as of June 30th, 2020, compared with €15.9 million
as of December 31st, 2019. The net cash consumption over the
six-month period amounts to €2 million, similarly to the first half
of 2019.
Given the financial situation as of June 30th, 2020, the
successful capital increase11 for a total amount of €27 million
that took place in July 2020, and its projected operating expenses,
Carbios should be able to cover its financial needs beyond the next
24 months.
About Carbios:
Carbios is a green chemistry company whose innovations help
address the environmental and sustainable development challenges
facing manufacturers. Since its creation in 2011 by Truffle
Capital, the Company has developed, through biotechnology, two
industrial processes that revolutionize the biodegradation and
recycling of polymers. These innovations, a world first, optimize
the performance and lifecycle of plastics and textiles by
exploiting the properties of highly specific enzymes.
Carbios' economic development model is based on the
industrialization and commercialization of its products and/or
enzymes, technologies and bioprocesses through license concessions
directly or through joint ventures to major industrial players or
sectors concerned by the Company's innovations. As such, Carbios
created the joint venture Carbiolice in September 2016, in
partnership with Limagrain Ingredients and the SPI fund operated by
Bpifrance. This company, of which Carbios has majority control,
will exploit the first technology licensed by Carbios by producing
enzymatic granules for the production of biodegradable and biobased
plastics.
Carbios benefits from the qualification "Innovative Company" of
Bpifrance allowing the eligibility of the Company's securities for
the investment of Mutual Funds Placement in Innovation (FCPI). For
more information, please visit: www.carbios.fr
Carbios is eligible for the PEA-PME, a government program
allowing French residents investing in SMEs to benefit from income
tax rebates.
This press release does not constitute and
cannot be regarded as constituting an offer to the public, an offer
to sell or a subscription offer or as a solicitation to solicit a
buy or sell order in any country. Translation for information
purposes only. In case of discrepancy between the French and the
English version of this press release, the French version shall
prevail.
1 Source: Oddo BHF at market closure on September 15, 2020 2
Toulouse Biotechnology Institute 3 Cf. April 8, 2020 press release
4 Cf. January 30, 2020 press release 5 Cf. January 17, 2020 press
release 6 Cf. June 29, 2020 press release 7 Cf. July 23, 2020 press
release 8 Cf. March 28 and October, 8th, 2019 press releases 9 Cf.
September 7, 2020 press release 10 Cf. June 24, 2020 press release
published by Carbiolice and the Group Barbier 11 Cf. June 25, 2019
press release
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200917005599/en/
Carbios Benjamin Audebert Investor Relations
contact@carbios.fr +33 (0)4 73 86 51 76
Media Relations (Europe) Tilder Marie-Virginie Klein
mv.klein@tilder.com +33 (0)1 44 14 99 96
Media Relations (U.S.) Rooney Partners Kate L. Barrette
kbarrette@rooneyco.com +1 212 223 0561
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