Allylix Signs Agreement To License Its Terpene Technology To A Leading Clean Technology Company
SAN DIEGO--(BUSINESS WIRE)--Allylix, Inc., a technology leader in the science and production of terpenes, with a focus on high value flavors and fragrances, today announced that it had entered into an agreement to license its technology to a leading clean technology company to produce specific classes of terpenes. Under the agreement, Allylix will receive an upfront payment, research and development funding, and the potential for additional milestone payments, as well as a license to the technology platform of the clean technology company. Terpenes are a class of natural chemicals that hold tremendous promise across a wide range of industries. The clean technology company licensing Allylix's technology, whose name the parties have agreed to keep confidential, plans to develop and commercialize terpene fuels and fuel additives.
Allylix's proprietary technology platform makes it possible to produce terpenes and their derivatives at very low cost. Terpenes are the fundamental molecular structures that underpin the production of chemicals and that find wide applicability across a variety of products, including flavors and fragrances, crop protection products, pharmaceuticals and biofuels. Although terpenes are naturally produced by plants in minute quantities, Allylix's technology allows the cost-effective and large-scale production of terpenes via fermentation that can significantly reduce manufacturing costs.
Allylix has successfully developed products for the flavor and fragrance market and will bring its first two products to market this fall. The company is now exploiting the potential of its technology in other markets through partnering and licensing. "This marks a major milestone for us," commented Allylix CEO Carolyn Fritz. "This agreement represents a significant validation of the strength of our technology. Even though we will continue to open up new markets for our terpene technology in other industries, this licensing agreement means that terpenes will now have impact on one of the world's most pressing challenges – the near-term production of environmentally friendly and cost-effective biofuels and fuel additives." For more information on Allylix's technology platform and applications across all industries, please contact Jackie Townsend at 858-457-4888.
About Allylix, Inc.
With business offices in San Diego, CA and research and development laboratories in Lexington, KY, Allylix, Inc. develops terpene products and their derivatives for the flavor and fragrance, food ingredient, pharmaceutical, agricultural and biofuel markets. Allylix's technology can produce high-value chemicals identical to those found in nature but in greater quantities, of higher quality and purity, and at significantly lower cost than traditional sources that rely on extracting the chemicals from rare biological sources or costly chemical synthesis. For more information, please visit www.allylix.com.
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