Calyxt, Inc. (NASDAQ:CLXT), a plant-based synthetic biology company announced today that it has successfully completed the first phase in its research collaboration agreement with a leading global food ingredient manufacturer based in Asia to develop an improved soybean capable of producing an oil as a commercial alternative to palm oil.
“We are proud of the progress we’ve made in this collaboration,” said Michael A. Carr, President and CEO of Calyxt. “The achievement builds on our expertise working with soybeans along with our team’s innovation and collective drive to engineer plant-based solutions that address sustainability challenges for our customers.”
Calyxt’s ability to leverage the power of its proprietary PlantSpring™ technology platform in this space comes at a critical time in the international dialogue regarding the sustainability and environmental impact of traditional palm oil sourcing and production.
As previously disclosed, the completion of this first milestone results in a cash milestone payment to Calyxt. Calyxt has begun the second and final phase of the research collaboration and expects to receive a final milestone payment upon completion. Calyxt anticipates completing the final phase in the first quarter of 2024.
