Calyxt Achieves Phase 1 Milestone in Collaboration Agreement to Develop Alternative to Palm Oil
The company will leverage its proprietary PlantSpring™ technology platform to address sustainability and environmental impact of traditional palm oil sourcing and production
Calyxt, Inc., a plant-based synthetic biology company announced 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.
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.
