Zymergen Provides Business Update Zymergen Inc.
Jay Flatley, Chairman of the Board, Appointed Acting CEO; Josh Hoffman to Step Down
Conference Call to be Held at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time Today
EMERYVILLE, Calif., Aug. 03, 2021 (GLOBE NEWSWIRE) Zymergen Inc. (“Zymergen” or the “Company”), today provided a business update regarding its commercial product pipeline and financial forecast.
Zymergen recently became aware of issues with its commercial product pipeline that will impact the Company’s delivery timeline and revenue projections. Accordingly, the Company no longer expects product revenue in 2021, and expects product revenue to be immaterial in 2022.
During the quarter, several key target customers encountered technical issues in implementing Hyaline into their manufacturing processes typical of new product and process development learnings. The Company has made significant progress towards addressing these challenges and believes th