leadf
logo-loader
viewAmyris Inc

Amyris soars after notching first $10M payment from CBD partnership with LAVVAN

The Silicon Valley biosciences company is creating synthetic cannabidiol (CBD) molecules for LAVVAN as part of a $300 million collaboration

cannabis
The agreement between Amyris and LAVVAN aims to bring the first CBD products derived from fermentation to the public

Shares of Amyris (NASDAQ:AMRS) shot up Friday after the maker of face creams, nutraceuticals and fragrances, notched its first payment of $10 million after delivering on its first milestone for its cannabinoid partner LAVVAN.

The Silicon Valley biosciences company is creating synthetic cannabidiol (CBD) molecules for LAVVAN as part of a $300 million collaboration.

Investors were enthusiastic about Amyris’s $10 million win, sending its shares up 10.2% to $2.32 in morning trade Friday.

READ: Amyris shares slump following 3Q earnings loss and weaker revenue

The agreement between Amyris and LAVVAN aims to bring the first CBD products derived from fermentation to the public.

“We are pleased with meeting our first milestone and confident in the capabilities of our R&D team toward rapidly meeting the objectives of this major agreement,” said John Melo, CEO of Amyris, in a statement.  “We can create highly pure CBD molecules and we can bring down the cost significantly to support broad consumer adoption.”

Amyris is an industrial biosciences company which converts plant sugars into hydrocarbon molecules to produce specialty ingredients and products. The offerings it has helped to bring to market include a treatment for malaria as well as a new zero-calorie sweetener.

LAVVAN, meanwhile, is a newly-formed and privately-held startup focused on cannabinoids that is backed by leaders from the pharmaceutical, cannabis, and financial sectors. 

Contact Ellen Kelleher at ellen@proactiveinvestors.com

Quick facts: Amyris Inc

Price: 2.825 USD

NASDAQ:AMRS
Market: NASDAQ
Market Cap: $578.37 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Luminex Resources CEO says stay tuned for drill results out of its Condor...

Luminex Resources Corp. (TSXV: LR) (OTCQX: LUMIF) CEO Marshall Koval tells Proactive the Vancouver-based mining company is making progress on its Condor Gold-Copper Project in Zamora-Chinchipe Province, southeast Ecuador. Koval says the group has advanced metallurgy at the site, continuing to...

1 day, 21 hours ago

2 min read