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.”
Evolva’s mission is to discover and provide innovative, sustainable ingredients for health, nutrition and wellness. Evolva uses biosynthetic and evolutionary technologies to create and optimise small molecule compounds and their production routes. We are active in consumer healthcare and nutrition as well as in pharma. In both areas we have partnered projects as well as proprietary programmes. For more information see www.evolva.com.
International Flavors & Fragrances Inc. (NYSE: IFF) is a leading global creator of flavors and fragrances used in a wide variety of consumer products. Consumers experience these unique scents and tastes in fine fragrances and beauty care, detergents and household goods, as well as beverages, sweet goods and food products. The Company leverages its competitive advantages of consumer insight, research and development, creative expertise, and customer intimacy to provide customers with innovative and differentiated product offerings. A member of the S&P 500 Index, IFF has more than 5,600 employees working in 32 countries worldwide. For more information, please visit our website at www.iff.com.