2023-06-05 10:20:54 ET
- Synthetic biotechnology company, Amyris ( NASDAQ: AMRS ) Board of Directors will execute on a transformation program to accelerate improvements to the company's cost and capital structure and liquidity.
- The company has a cost reduction target of ~$250M from cost of goods sold, operating expense, including a reduction in force, and a simplification of its business portfolio.
- On June 5, 2023, the company entered into a secured term loan facility with Anesma Group, an affiliate of Foris, whereby Anesma made available to the company up to $50M, which was partially drawn by the company on June 5, 2023.
- The company intends to use the net proceeds of funds advanced under the loan facility for working capital and general corporate purposes.
For further details see:
Amyris drops 11%, announces capital structure transformation