Metabolix, Inc. Reports Third Quarter and Nine Month 2006 Financial Results

Business Wire, Dec 11, 2006

The Company reported a net loss of $4.2 million for the third quarter of 2006 and $8.6 million for the nine months ended September 30, 2006 as compared to a net loss of $1.9 million and $5.4 million for the comparable periods in 2005, respectively. On a per share basis, the net loss in the third quarter 2006 was $1.41 compared to $0.65 in the prior year period. For the nine month period, the Company reported a net loss per share of $2.86 as compared to a net loss per share of $1.78 for the first nine months of 2005. The per share figures above do not reflect the Company's initial public offering, which occurred in the fourth quarter and resulted in the conversion of preferred stock into 9,992,041 common shares.

Thomas Auchincloss, CFO commented, "We benefited from the initiation of support payments from ADM this quarter and generated positive net cash flow from operating activities. As we are expanding our pilot manufacturing and sales and marketing activities to commercialize Natural Plastic, as well as our research and development, we expect that these expenditures will exceed our payments from collaborative partners in future quarters."

Safe Harbor for Forward-Looking Statements

This press release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release which are not strictly historical statements, including, without limitation, statements regarding commencement and completion of construction on the commercial manufacturing facility, actual manufacturing capacity of the commercial manufacturing facility, manufacturing plans and performance including the timing of commencement of commercial production of Natural Plastic, commercial viability of Natural Plastic, current or future financial performance and position, management's strategy, plans and objectives for future operations, product development, present and future research and development, regulatory approval and intellectual property, constitute forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including, without limitation, risks associated with: our dependence on our collaborative partner for construction of the commercial manufacturing facility, ADM's ability to complete construction of the commercial manufacturing facility on time and on budget, the ability of Metabolix and ADM to successfully manufacture Natural Plastic at commercial scale and in a timely and economic manner, the success of collaborative arrangement with ADM, the market acceptance of our products, our ability to compete with petrochemical-based plastics, fuels and chemicals, our ability to generate future revenues, our expectation of incurring continued losses, the success of our research and development programs, our ability to develop and successfully commercialize Natural Plastic, our ability to obtain required regulatory approvals, our ability to obtain, maintain and protect intellectual property rights for our products, our limited sales and manufacturing capabilities, our ability to hire and retain skilled personnel, and other risks detailed in Metabolix' filings with the Securities and Exchange Commission, including the Registration Statement on Form S-1 which was declared effective on November 9, 2006. Metabolix assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.