"In our biobased chemicals and crop platforms, we continue to achieve our internal technical milestones," said Mr. Eno. "We had three new patents issued and three allowed during the quarter, spanning each of our three businesses. This intellectual property is an important asset for Metabolix, as it creates potential commercial opportunities for us while strengthening our competitive position. As we move into the second half of 2013, we look forward to executing on our business plan and expanding our presence to meet the growing demand in our high-value markets."
SECOND QUARTER AND SIX MONTHS 2013 FINANCIAL OVERVIEWMetabolix manages its finances with an emphasis on cash flow. The Company has maintained this focus and ended the second quarter with $31.7 million in unrestricted cash and investments. The Company's net cash used for operating activities during the second quarter of 2013 was $5.8 million, which remains consistent with net cash used of $5.9 million for the comparable quarter in 2012. Metabolix continues to have no debt.
Total revenue in the second quarter of 2013 was $1.7 million, compared to $0.9 million for the comparable quarter in 2012. The second quarter revenue consisted primarily of revenue from product sales and work performed on government research grants. Grant revenue of $0.6 million increased by $0.1 million over the same quarter of 2012, primarily as a result of work performed on the Renewable Enhanced Feedstocks for Advanced Biofuels and Bioproducts ("REFABB") grant awarded by the U.S. Department of Energy. Biopolymer product orders of $0.4 million were shipped and billed during the Company's second quarter of 2013. Revenue recognition was deferred for the majority of these shipments in accordance with the Company's policy to defer product revenue for the greater of 60 days or until
|SOURCE Metabolix, Inc.|
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