Yield10 Bioscience

On 21 July 2016, Metabolix announced a major strategic direction:  Yield10 Bioscience will become their core business and their Biopolymers Operations would be wound Down.  Yield10 Bioscience focus on developing disruptive technologies for step-change improvements in crop yield to enhance global food security. As part of the restructuring, Metabolix will eliminate approximately 45 positions in its biopolymer operations and corporate organization, and will pursue the sale of its biopolymers business assets. The immediate reduction in force represents approximately 50% of the Company’s current workforce. Once the restructuring is complete, Metabolix anticipates a staff of approximately 20 people, comprised of the Yield10 crop science team together with a small group of administrative personnel. After the restructuring and wind-down of the biopolymers operation, the Company’s annual cash burn rate is expected to be in the range of $5 million compared to approximately $25 million prior to the restructuring. Consistent with its new strategy, the Company plans to rebrand itself as Yield10 Bioscience in the coming months.